EFCC Re-Arraigns Akindele Akintoye Over Alleged $35m NCDMB Fraud, Witness Claims $6.9m Cash Transfers

The Economic and Financial Crimes Commission (EFCC) on Monday, December 1, 2025, re-arraigned Akindele Akintoye before Justice Ekerete Akpan of the Federal High Court, Abuja, over an amended six-count charge bordering on alleged dishonesty and diversion of $35 million linked to the Nigerian Content Development and Monitoring Board (NCDMB) project.

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

During proceedings, prosecution counsel, E.E. Iheanacho, SAN, informed the court of an amended charge dated November 27, 2025, and requested that it be read to the defendants for plea. Defence counsels E.O. Adekwu, SAN, and B.J. Akomolafe raised no objections.

One of the charges alleges that Akintoye and Platform Capital Investment Partners Limited, between December 2020 and February 2021 in Lagos, indirectly retained $16,006,000—part of funds allegedly diverted from investments made by NCDMB Capacity Development Intervention Company Limited to Atlantic International Refinery and Petrochemical Limited—knowing the money constituted proceeds of unlawful activity.

Another count accuses the defendants of using $9,048,725 from the same source within a similar period, in violation of the Money Laundering (Prohibition) Act.

The defendants pleaded not guilty to all charges.

The prosecution’s third witness, Isah Yusuf, told the court he was involved in sourcing foreign currency for clients on commission. He testified that he, alongside a bank official identified as Adeshina, facilitated several cash transactions involving the first defendant.

Yusuf stated that in 2021, he was contacted by Adeshina regarding a client seeking to exchange funds in a bank account for physical dollars. He said arrangements were made with business owners, including representatives of Oxygen Oil and Gas and Kensley Logistics Limited, as well as other corporate entities, to transfer funds into designated accounts in exchange for cash payments.

According to the witness, the cash deliveries were made multiple times in Victoria Island, Lagos, to the office of the first defendant.

He further testified that a total of $6.9 million was delivered in cash to the defendant’s office, although the defendant allegedly never received the money personally, as it was handed over to his staff.

The witness’s statements to the EFCC were admitted as evidence and marked as exhibits.

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