EFCC re-arraigns Akintoye over $35m NCDMB fraud

The Economic and Financial Crimes Commission (EFCC) on Monday re-arraigned Akindele Akintoye before Justice Ekerete Akpan of the Federal High Court, Abuja, on an amended six-count charge bordering on alleged dishonest conversion of funds from the $35 million Nigerian Content Development and Monitoring Board (NCDMB) Capacity Development Intervention Project.

Also listed as defendants in the case are Platforms Capital Investment Partners Limited and Duport Midstream Company Limited.

At the resumed hearing, prosecution counsel E. E. Iheanacho, SAN, informed the court of an amended charge filed on November 27, 2025, and requested that the charges be read to the defendants. Counsel representing the defendants did not object, and all defendants pleaded not guilty.

One of the charges alleges that Akintoye and Platforms Capital retained $16,006,000 between December 2020 and February 2021, knowing it was part of the funds dishonestly converted from an investment by NCDMB into Atlantic International Refinery and Petrochemical Limited. Another charge accuses them of using $9,048,725 within the same period, also described as proceeds of unlawful activity.

During the session, the prosecution called its third witness, Isah Yusuf, who testified that he was involved in sourcing physical US dollars for clients in exchange for bank transfers. He told the court that in 2021, following a request conveyed by a Zenith Bank staff member, he arranged dollar cash payments through companies including Oxygen Oil and Gas, Kensley Logistics, and four corporate accounts belonging to another associate.

Yusuf said he delivered the cash—amounting to $6.9 million—to the office of the first defendant on multiple occasions in Victoria Island, Lagos.

“I used to deliver these cash payments to the office of the defendant on several occasions,” he said, adding that the cash was always received by Akintoye’s staff and not the defendant himself.

The witness’s written statements to the EFCC were tendered in court and admitted as exhibits.

Justice Akpan adjourned the case to December 2, 2025, for continuation of trial.