A Federal High Court in Abuja has ordered the remand of the founder and chairman of Platform Capital Investment Partners Limited Akindele Akintoye in Kuje correctional centre.
Justice Emeka Nwite gave the order on Tuesday.
Mr Akintoye was arraigned by the Economic and Financial Crimes Commission (EFCC) for allegedly diverting $26, 060, 406.00 meant for building a refinery in Brass, Bayelsa.
Justice Nwite, who adjourned the matter until December 31, 2024, directed Akintoye to remain in the correctional centre pending the hearing and determination of his bail application.
The EFCC sued Akintoye, Platform Capital Investment Partners Limited and Duport Midstream Company Limited, where he is also the managing director and CEO, as first to third defendants respectively.
The anti-graft agency, in the charge marked FHC/ABJ/CR/641/V/2024 dated and filed on December 19 by its lawyer Ekele Iheanacho preferred four counts against the trio.
Akintoye and Platform Capital Investment Partners Limited were alleged to have between Decemberb2020 and February 2021 indirectly retained $16 million.
The amount, the EFCC said, was part of the funds dishonestly converted from the money paid by the Nigerian Content Development and Monitoring Board (NCDMB) Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment.
In count two, Akintoye and Platform Capital were alleged to have between December 2020 and January 2021 indirectly used the aggregate sum of $9, 048, 725 being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment.
The defendants pleaded not guilty.
The NCDMB was alleged to have released the sum of $35 million to a bank account to be managed by Akintoye and the finance director of NCDMB.
The agency said while $35 million was released by the board as an investment into Atlantic International Refinery and Petrochemical Limited planned to be built by Akintoye, the first defendant (Akintoye) was also expected to contribute $15 million to the project.
The ownership of the refinery is said to be on 60 to 40 per cent ratio. While NCDMB would have 40 per cent share, Akintoye would get 60 per cent share.
However, Akintoye was alleged to have moved the money ($35 million) into a separate account to which he was the sole signatory and the funds ($35 million) thereafter were allegedly disbursed to his companies’ accounts and other accounts.
