$35m NCDMB Project: Witness Reveals How he Transfered $6.9m to Defendant in Cash as EFCC Re-arraigns Akindele Akintoye

The Economic and Financial Crimes Commission, EFCC, on Monday, 1 December 2025, re-arraigned Akindele Akintoye before Justice Ekerete Akpan of the Federal High Court sitting in Abuja on an amended six count-charge bordering on dishonesty and conversion of $35m Nigerian Content Development and Monitoring Project, NCDMB Project.

The two other defendants are Platforms Capital Investment Partners Limited and Duport Midstream Company Limited.

Prosecution counsel, E.E Iheanacho, SAN, informed the court that the prosecution had an amended charge dated November 27, 2025 and filed the same date. “We humbly seek that the charge be read to the defendants to take his plea.”

Counsel to the first and second defendants, E.O Adekwu, SAN, did not object to the application, while counsel to the third defendant, B.J Akomolafe also did not object.

One of the count reads: “That you Akindele Akintoye and Platform Capital investment Partners Limited between December, 2020 and February, 2021 in Lagos within the jurisdiction of this Honourable Court indirectly retained the sum of $16,006,000(Sixteen million, Six thousand United States Dollars) being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Limited to Atlantic International Refinery and Petrochemical Limited as investment when you knew that the said sum of $16,006000 constituted proceeds of unlawful activity and you thereby committed an offence contrary to Section 15(2)(d) of the Money Laundering Prohibition Act, 2011 as amended by (Act No.1 of 2012) and punishable under Section 15(3) of the same Act.”

Another count reads: “that you Akindele Akintoye and Platform Capital Investment Partners Limited between December 2020 and January 2021 in Lagos within the jurisdiction of this Honourable Court indirectly used the aggregate sum of $9,048,725(Nine Million, Forty Eight Thousand, Seven Hundred and Twenty Five United States Dollars) being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment when you knew that the said sum of $9,048,725 constituted proceeds of unlawful activity and you thereby committed an offence contrary to Section 15(20(d) of the Money Laundering Prohibition Act 2011 as amended by the (Act No 1 of 2012) and punishable under section 15(3) of the same Act.”

The defendants pleaded “not guilty” when they were read to them.

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The prosecution counsel called the third witness, Isah Yusuf, who informed the court that he was into sourcing dollars for people and get commission adding that he and one Adeshina used to give the first defendant dollars in cash “but I only saw him physically for the first time in EFCC office during investigation.

“Sometimes in 2021, PW2, a Zenith bank staff, Mr. Adeshina called me that he had a customer who had dollars in his account and wanted to swap with physical cash, so I went to meet Mrs. Bunmi, the owner of Oxygen Oil and Gas and Kensley Logistics Ltd and I met another person. Mr. Yunusa who has four corporate accounts: Rochdale Logistics Ltd, Honda Manufacturing, Porkfirst Ltd and Global Factual. They transferred the US Dollar to these company’s accounts and they were paid cash in dollars.” he said.

“I got the dollar in cash from Oxygen Oil and Gas and Kensly Logistics Limited and the other four accounts they gave him cash.”

When asked by the prosecution counsel to tell the court where the location, place of delivery and how many times the delivery were made, the witness said “Victoria island,”

“I used to deliver these cash payments to the office of the defendant on several occasions which I have stated in my statement in the EFCC.

The witness, through the prosecution, tendered the statement of the witness written at the EFCC, and they were marked by the court as L1, L2, and L3.

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The witness further informed the court that the total amount of dollars paid to the defendant amounted to Six million, Nine Hundred Dollars in cash.

“I gave it to his staff. The first defendant never came down to meet us.

Justice Akpan thereafter adjourned the matter to December 2, 2025 for continuation of trial.