Nigerian serial entrepreneur arraigned on $5.6 million fraud charges

Akintoye Akindele, a renowned Nigerian serial entrepreneur and a key player in the African private equity sector, has been arraigned before a Federal High Court in Abuja on charges of fraudulently diverting a substantial $5.6-million payment intended for crude oil supplied to Duport Midstream Company.

In a hearing presided over by Justice James Omotosho, Akindele, who serves as the founder and managing partner of Platform Capital Group, a growth markets-focused investment firm, faced allegations related to the misappropriation of funds.

The charges, brought forward by the office of the Inspector General (IG) of Police, accused Akindele of conspiring to commit a felony by stealing through the diversion of funds, a violation of section 516 of the Nigerian Criminal Code.

Akindele faces allegations of felony conspiracy & fund conversion totaling $5.64 million

The first count of the bail charge asserted that Akindele conspired to commit a felony by stealing through the diversion of funds. The IG of Police presented a four-count charge, accusing Akindele of diverting N8.77 billion ($5.64 million) and N73.54 million ($47,266.17) belonging to Summit Oil International.

The alleged diversion spanned from 2017 to 2021, during which Akindele and his company purportedly converted funds received from Shell for personal use. Akindele pleaded not guilty to the charges during the arraignment. His defense, led by Chief James Onoja, submitted a bail application which was unopposed by the prosecution, represented by Simon Lough. Despite the lack of opposition, Justice Omotosho imposed stringent bail conditions.

The trial judge granted bail to Akindele in the sum of N750 million ($481,659.53) with two sureties in a similar amount. The sureties, mandated to own landed property within the court’s jurisdiction, are required to deposit their statements of account with the court registrar and swear to an affidavit of means.

Akindele’s March 15 court date sets stage for high-profile trial

Akintoye Akindele, known for his roles as an entrepreneur, venture capitalist, and lecturer, has held significant positions in various companies worldwide.

In addition to being the CEO of Duport Midstream Company, he serves as chairman and CEO of Atlantic International Refineries & Petrochemicals Limited, co-chairman of Liquidity Club, and director of Koniku Inc., USA, among other leadership roles.

While Akindele is allowed to enjoy bail from a previous ruling until March 8, failure to meet the new bail conditions will result in remand. The court adjourned the trial until March 15, setting the stage for further legal proceedings in this high-profile case.