Nigerian Entrepreneur Akintoye Akindele Arraigned on $5.6 Million Fraud Charges

Akintoye Akindele, a well-known Nigerian serial entrepreneur and key player in the African private equity sector, has been charged with fraudulently diverting a $5.6 million payment intended for crude oil supplied to Duport Midstream Company.

Justice James Omotosho presided over a hearing where Akindele, the founder and managing partner of Platform Capital Group, a growth markets-focused investment business, was accused of misappropriating funds.

The accusations, filed by the Inspector General (IG) of Police, accused Akindele of conspiring to commit a criminal by stealing through the diversion of funds, in violation of section 516 of the Criminal Code law.

The first count of the bail accusation said that Akindele conspired to conduct a criminal by stealing through the diversion of monies. Akindele was charged with four counts of diverting N8.77 billion ($5.64 million) and N73.54 million ($47,266.17) from Summit Oil International.

Between 2017 and 2021, Akindele and his company allegedly transferred monies obtained from Shell for personal use. Akindele pled not guilty to the charges at the arraignment. His defense, led by Chief James Onoja, filed a bail motion that was unchallenged by the prosecution, represented by Mr. Simon Lough. Despite the lack of objection, Justice Omotosho imposed strict bail terms.

The trial judge granted Akindele bail in the amount of N750 million ($481,659.53), with two sureties in the same amount. The sureties, who must own landed property within the court’s jurisdiction, must deposit their statements of account with the court registrar and sign an affidavit of means.

Akintoye Akindele, a well-known entrepreneur, venture capitalist, and speaker, has held prominent positions in a number of companies around the world.

In addition to being CEO of Duport Midstream Company, he is chairman and CEO of Atlantic International Refineries & Petrochemicals Limited, co-chairman of Liquidity Club, and director of Koniku Inc. in the United States, among other leadership positions.

While Akindele is granted bail under a previous order until March 8, failing to meet the new bail restrictions would result in custody. The court adjourned the trial until March 15, paving the way for additional legal actions in this high-profile case.

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