The Economic and Financial Crimes Commission (EFCC) has detained Akintoye Akindele, the Managing Director of Atlantic International Refinery and Petrochemical Limited, over allegations of misappropriating $35 million intended for a major infrastructure project in Bayelsa State.
Akindele, who was apprehended in Abuja on Tuesday, is accused of diverting funds allocated by the Nigerian Content Development and Monitoring Board (NCDMB) to develop a 2,000-barrel-per-day refinery, among other facilities, in the Brass Free Trade Zone.
The NCDMB reportedly provided counterpart funding for the project, entrusting Akindele with the funds in December 2020 to build a refinery, jetty, gas and power plants, data center, and tank farm in Okpoama Community.
However, sources allege that Akindele abandoned the project after receiving the substantial investment, distributing the funds across four separate companies under his control.
The accusations surfaced following an investigation into the apparent lack of progress on these critical developments intended to boost the local economy and energy infrastructure.
EFCC spokesperson Dele Oyewale confirmed Akindele’s detention, noting that the agency is committed to fully investigating the matter. Akindele is not new to allegations of financial misconduct.
As the former Managing Director of Duport Midstream Company Limited and Chairman of Platform Capital, he is already under police trial for allegedly diverting over $5.6 million and an additional 73 million Naira belonging to Summit Oil International Ltd.
Additionally, he faces allegations of attempting to bribe police officials with 150 million Naira to obstruct investigations.
This high-profile case has reignited public discourse over accountability and the need for transparency in the management of public funds, especially in Nigeria’s oil and gas sector.
With the EFCC promising to pursue justice, Akindele’s detention marks another significant step in the fight against corruption, as stakeholders urge thorough investigations to prevent further mismanagement of critical national resources.