Akindele Akintoye, a Nigerian businessman and his companies, Platforms Capital Investment Partners Limited and Duport Midstream Company Limited have been rearraigned by the Economic and Financial Crimes Commission (EFCC) on Monday, December 1, 2025, before Justice Ekerete Akpan of the Federal High Court in Abuja on an amended six-count charge bordering on dishonesty and conversion of $35 million belonging to the Nigerian Content Development and Monitoring Board (NCDMB).
Also standing trial alongside Akintoye are Platforms Capital Investment Partners Limited and Duport Midstream Company Limited.
At Monday’s proceedings, prosecution counsel, E.E. Iheanacho, SAN, informed the court that an amended charge dated and filed on November 27, 2025, had been brought before the court. He urged the court to have the charges read to the defendants for their pleas to be taken.
Counsel to the first and second defendants, E.O. Adekwu, SAN, and counsel to the third defendant, B.J. Akomolafe, did not oppose the application.
One of the counts reads: “That you, Akindele Akintoye and Platform Capital Investment Partners Limited, between December 2020 and February 2021 in Lagos, within the jurisdiction of this Honourable Court, indirectly retained the sum of $16,006,000 (Sixteen Million, Six Thousand United States Dollars) being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Limited to Atlantic International Refinery and Petrochemical Limited as investment, when you knew that the said sum constituted proceeds of unlawful activity, and thereby committed an offence contrary to Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011, as amended, and punishable under Section 15(3) of the same Act.”
Another charge accuses the defendants of indirectly using $9,048,725 between December 2020 and January 2021, knowing it to be proceeds of unlawful activity.
The defendants pleaded not guilty to all charges.
The prosecution thereafter called its third witness, Isah Yusuf, who told the court he was involved in sourcing dollars for clients on a commission basis. He testified that he and a Zenith Bank staff member, identified as Mr. Adeshina (PW2), had arranged several cash dollar deliveries linked to the first defendant.
“Sometimes in 2021, PW2 called me about a customer who wanted to swap dollars in his account for physical cash,” Yusuf said. “I went to meet Mrs. Bunmi, owner of Oxygen Oil and Gas and Kensley Logistics Ltd, and another person, Mr. Yunusa, who had four corporate accounts. Transfers were made into these accounts, and cash was released.”
He stated that the cash was collected from Oxygen Oil and Gas, Kensley Logistics, and four other companies, after which he delivered the funds to the defendant’s office in Victoria Island.
“I used to deliver these cash payments to the office of the defendant on several occasions,” he said, adding that his statements made to EFCC investigators captured all deliveries.
Through the prosecution, Yusuf’s statements to the EFCC were tendered in court and admitted as Exhibits L1, L2, and L3.
The witness further told the court that a total of $6.9 million in cash was delivered to the defendant’s office.
“I gave it to his staff. The first defendant never came down to meet us,” he added.
Justice Akpan adjourned the case to December 2, 2025, for continuation of trial.