The Economic and Financial Crimes Commission (EFCC) on Monday, December 1, 2025, re-arraigned businessman Akindele Akintoye before Justice Ekerete Akpan of the Federal High Court in Abuja on an amended six-count charge involving dishonesty and the alleged conversion of $35 million belonging to the Nigerian Content Development and Monitoring Board (NCDMB) Project.
Also listed as defendants are Platforms Capital Investment Partners Limited and Duport Midstream Company Limited.
Prosecution counsel E.E. Iheanacho, SAN, informed the court that an amended charge, dated and filed on November 27, 2025, had been submitted. He requested that the charges be read for the defendants to enter their pleas. Counsel representing all three defendants raised no objections.
One of the counts alleges that Akintoye and Platforms Capital retained $16,006,000 between December 2020 and February 2021—funds said to have been dishonestly converted from an investment payment made by NCDMB to Atlantic International Refinery and Petrochemical Limited. The EFCC argues the defendants knew the money constituted proceeds of unlawful activity, in violation of the Money Laundering Prohibition Act.
Another count claims the defendants indirectly used $9,048,725 during the same period, also described as part of dishonestly converted NCDMB funds.
All defendants pleaded not guilty.
The prosecution then called its third witness, Isah Yusuf, who told the court that he sourced U.S. dollars for clients in exchange for commissions. He testified that he and a Zenith Bank staff member, Mr. Adeshina, were involved in cash-dollar transactions linked to the first defendant.
Yusuf explained that he collected physical dollars from Oxygen Oil and Gas, Kensley Logistics, and four corporate accounts owned by an associate named Yunusa—Rochdale Logistics, Honda Manufacturing, Porkfirst Ltd, and Global Factual. These funds, he said, were then delivered multiple times to the defendant’s office in Victoria Island.
According to him, the total cash delivered amounted to $6.9 million, though he stated that his contact was always with the defendant’s staff, not Akintoye directly.
The court admitted Yusuf’s written statements to the EFCC as exhibits L1, L2, and L3.
Justice Akpan adjourned the matter to December 2, 2025, for continuation of trial.