EFCC Arrests Atlantic Refinery CEO, Akintoye Akindele Over N60 Billion Fraud

Anti-graft agency Economic and Financial Crimes Commission (EFCC) has arrested the Managing Director of Atlantic International Refinery and Petrochemical Limited, Mr. Akintoye Adeoye Akindele for alleged diversion of $35 million.

Akindele, promoter of the Energy Infrastructure Park financed by the Nigeria Content Development and Monitoring Board (NCDMB) in Okpoama Community in Brass Local Government Area of Bayelsa State, initially mooted the idea of the project to the Board and the NCDMB embraced it with a counterpart funding of about $35 million.

Investigation showed that NCDMB allegedly paid the $35 million to Akindele to build a 2000 barrel per day (BPD), Refinery, Jetty, Gas Plant, Power Plant, Data Centre and Tank Farm at Brass Free Trade Zone, FTZ, Okpoama Community in Bayelsa State.

But since the payment was made in December 2020, Akindele allegedly abandoned the project with little or nothing to show for the huge sum paid to him.

Akindele allegedly received the funds through an Atlantic International Refinery and Petrochemical Limited account domiciled in second generation bank and diverted the funds into four of his companies – Platform Capital Investment Partners, Duport Midstream Company Ltd., Puissance Afrique Dynamics Ltd, Admantine Petrochemical & Refinery Ltd and Bureau de Change outlets.

The Nation learnt that the EFCC has been on a manhunt for him for several months until he finally showed up when he could no longer bear the fire on him.   He was thereafter arrested and detained at the Commission’s holding facility in Abuja.

He will be charged to court upon conclusion of investigations.

The Head of Media and Publicity of the EFCC, Mr. Dele Oyewale, who confirmed the arrest, did not give further details.

But a source said: “The suspect actually submitted himself to the EFCC for investigation.”