Reported by: Ijeoma G | Edited by: Gabriel Osa
The Economic and Financial Crimes Commission (EFCC) has re-arraigned businessman Akindele Akintoye before Justice Ekerete Akpan of the Federal High Court in Abuja over allegations of dishonestly converting $35 million belonging to the Nigerian Content Development and Monitoring Board (NCDMB).
Akindele was arraigned alongside two companies—Platforms Capital Investment Partners Ltd and Duport Midstream Company Ltd—on an amended six-count charge filed on November 27, 2025.
During proceedings, EFCC counsel E.E. Iheanacho (SAN) informed the court that the agency had updated its charges and requested that they be read to the defendants. Defence lawyers did not oppose. All defendants pleaded not guilty.
What the EFCC Is Alleging
According to the amended charges, Akintoye and his company allegedly retained and used large sums that were part of millions paid by NCDMB as investment funds.
One count accuses them of retaining $16,006,000, knowing it was proceeds of unlawful activity.
Another alleges the use of $9,048,725 from the same pool of funds.
The offences, the EFCC says, violate the Money Laundering (Prohibition) Act 2011 (as amended).
Witness Details How $6.9m Cash Was Delivered
The prosecution’s third witness, Isah Yusuf, a currency dealer, gave detailed testimony on how huge cash payments allegedly reached the defendant’s office.
Yusuf told the court he worked with a Zenith Bank staff identified as Mr. Adeshina, who facilitated dollar swaps for clients. He said the cash was sourced from companies including Oxygen Oil and Gas, Kensley Logistics, and four corporate accounts linked to different individuals.
He testified that deliveries were made several times to Akintoye’s office in Victoria Island, though he never met the defendant in person:
> “I used to deliver these cash payments to the office of the defendant… I gave it to his staff. The first defendant never came down to meet us.”
According to the witness, the total sum delivered in cash amounted to $6.9 million.
The witness’s statements recorded during the EFCC investigation were tendered and admitted in court as Exhibits L1, L2, and L3.
Justice Akpan adjourned the matter to December 2, 2025, for continuation of trial.
This case continues to expose the complex layers of financial misconduct allegedly tied to public-sector investment funds. As more testimonies emerge, the proceedings are shedding light not only on the movement of millions of dollars but also on the loopholes that enable such transactions to go unchecked.
With the court set to reconvene on December 2, all eyes will remain on the unfolding evidence and judicial responses. The outcome of this trial will serve as a crucial test of Nigeria’s commitment to financial transparency, institutional accountability, and justice in high-profile economic crimes.
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