By Our Correspondent
The Managing Director of Atlantic International Refinery and Petrochemical Limited, Akindele Akintoye, has been remanded in the Kuje Correctional Centre by a Federal High Court in Abuja over a $35 million fraud allegation.
The Economic and Financial Crimes Commission (EFCC) arraigned Akintoye on December 23, accusing him of mismanaging funds allocated for a 2,000-barrel-per-day refinery and associated facilities in Bayelsa State.
The funds, provided by the Nigeria Content Development and Monitoring Board, were allegedly diverted into multiple companies linked to Akintoye.
During the court proceedings, Akintoye pleaded not guilty to charges of money laundering and contract fraud.
Despite his lawyer’s plea for bail on health grounds and a request for continued detention in EFCC custody for legal accessibility, the court rejected these arguments.
The EFCC opposed the bail application, citing concerns over Akintoye’s trustworthiness, including claims of recovering his international passport despite court restrictions.
Justice Emeka Nwite ruled that Akintoye be held at Kuje Correctional Centre until the bail hearing scheduled for December 31.
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