Duport CEO Akintoye Akindele Remanded Over Alleged $35 Million Fraud

The Federal High Court in Abuja has ordered the remand of Akintoye Akindele, CEO of Duport Midstream Company Limited, at the Kuje Correctional Centre.

Akindele was arraigned on Tuesday by the Economic and Financial Crimes Commission (EFCC) on a four-count charge of money laundering and contract fraud.

The EFCC accused Akindele of allegedly diverting $35 million received from the Nigerian Content Development and Monitoring Board (NCDMB) for the construction of a refinery, jetty, gas plant, data center, and tank farm in Okpoama, Bayelsa State.

According to the EFCC, the funds were funneled through Atlantic International Refinery and Petrochemical Limited into four companies and bureau de change outlets linked to Akindele, including Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., and Adamantine Petrochemical & Refinery Ltd.

One of the charges stated that Akindele and Platform Capital Investment Partners retained $16,006,000 between December 2020 and February 2021, knowing it was proceeds of unlawful activity.

Akindele pleaded not guilty to all charges.