Unravelling Allegations of Criminal Diversion, Embezzlement and Bribery against Businessman, Akintoye Akindele

Popular businessman, Dr. Akintoye Akindele is currently in the eye of the storm as he battles series of allegations bordering on criminal diversion of funds, embezzlement from investors, suppliers and stakeholders of millions of dollars. Also hanging on his neck is attempted bribery of police investigators with N150million to tank the case, a move that landed him in court, Chiemelie Ezeobi reports 

According to information sourced online, Dr. Akintoye Akindele is an investor, entrepreneur, lecturer, and philanthropist, all rolled into one. When he is not busy as the Founder of Platform Capital, a growth market-focused, sector agnostic, principal investment firm, he spends his time as a faculty member at the University of Lagos Business School, lecturing on finance and entrepreneurship.

With a bachelor’s degree in Chemical Engineering with honours from the Obafemi Awolowo University, he went ok to receive a doctorate degree in Business Administration (Finance) from the International School of Management – Paris, France. 

A CFA charter holder and a trustee of the CFA society of Nigeria, he is also an alumnus of the London and Said Business Schools, having attended various senior executive programmes in Management and Strategy, Advanced Corporate Finance and Private Equity amongst others.

With all these going on well for him, he also dabbled into the oil sector where he made a boom in a partnership. Beyond  being the CEO of Duport Midstream Company, he is also chairman and CEO of Atlantic International Refineries & Petrochemicals Limited, co-chairman of Liquidity Club, and director of Koniku Inc., USA. 

So what brought about the whole allegations of embezzlement, criminal diversion of funds and even reported attempt to bribe police investigators? Expectedly, this has sent shock ways through the business community given the respect he commands in that circle.

Initial Allegations 

Lagos businessman, Dr. Akintoye Akindele, has been in the news for allegations of diverting millions of dollars and Naira belonging to Summit Oil International as well as over $3 million belonging to Seplat Energy for crude handling charges.

He was also accused by several investors including popular musician, Eldee, who alleged that he took millions of naira from investors to sponsor his lifestyle. 

Separate Petition by Duport Energy

There is also a petition against Akindele accusing him of embezzling circa $25m belonging to Duport Midstream Company Limited where he is currently acting MD/CEO.  

For the company, the petition was necessary given that their ultimate goal is for “Duport Midstream to be well managed, in accordance with global best practices and established principles of corporate governance. This will be for the benefit of all shareholders, including the Nigerian Content Development and Monitoring Board (NCDMB), whose statutory responsibilities and investment in the company must not be jeopardised”.

Lavish Lifestyle 

Taking a look at how he got into the financial impropriety, some of the aggrieved stakeholders and investors pointed at his lavish lifestyle as the Achilles Heel. 

They alleged that a review of his flamboyant lifestyle over the last three years, coinciding with period in which Duport Midstream raised over $35 million in capital, will give an indication of how he got here. 

Prior to this case, he was often seen on social media flying private jets, spotting luxury watches running into millions of dollars and reportedly acquiring awards with millions of dollars. Some of these awards include: Africa Business Man of the Year which supposedly cost £500,000, Obafemi Awolowo Alumni, USA branch, distinguished alumni award where he donated $500,000 and Congressional Commendation Award of the state of Georgia for which he also paid hundreds of thousands of dollars.

As a known philanthropist, he was  known for his apparent generosity and it stretched to providing expensive scholarships to Ivy League schools.  

The aggrieved investors also revealed that when questioned about funding for all his past times, Akindele reportedly told the police that he has not earned any income in the last three years and that he has been borrowing money from his family to pay his bills but refused to name the said family members. 

They further pointed at his grandiose lifestyle could be seen the Instagram page of his then girlfriend (who he recently married in a lavish destination wedding in the Maldives). From flaunting luxury trips and goods including several Hermes Birkin bags running into millions of dollars, she hosted a Christmas party in December 2020 where gift items worth hundreds of thousands of dollars, including Rolex Watches, Guccci bags and shoes were showered on guests.

Stonewalling Forensic Audit 

THISDAY gathered that when indications emerged that Akindele may have been diverting and embezzling funds, suppliers and stakeholders of Duport Midstream demanded accountability. 

As part of the accountability process, the board ordered a forensic audit of the company, which he initially agreed. He was however said to have refused to provide the required documents to enable PriceWaterHouseCoopers (PWC) proceed with the audit. 

Having been stonewalled over a long period, a concerned stakeholder, Summit Oil petitioned the Inspector General of Police through the Force Intelligence Bureau (FIB) in June 2023 on alleged criminal conspiracy, criminal diversion of funds and theft.

Covering Tracks

With the continued insistence of the companies for audit, the accused person was said to have begun to cover the tracks around his luxury lifestyle. 

According to one of the aggrieved investors, his wife’s Instagram page has been deleted to cover up tracks of the lavish lifestyle wedding they had including the expensive shopping she was known to flaunt.

Also, most of the posts on his page showcasing the lap of luxury have since been taken down, effectively erasing their visibility. Not left out was a video of the December party, which was posted on YouTube by popular influencer, Tomike Adeoye, but was also recently deleted to further cover tracks. 

Alleged Threat to Life 

Not done, he was said to have gone for the offensive by accusing his partners of threatening his life after the AGM held last September and insisted that the forensic audit must be done. 

He reported them at Zone 2 Police command they were invited over. After they wrote their statements and secured bail, all three attempts made to follow procedural joint interview proved abortive as he reportedly never showed up. The police were forced to close the case.

Snubbed Police Invitation 

Nine long months after the attempts to audit failed and the alleged threat to life instituted by Akindele was closed, when the aggrieved companies involved the police to take over, he was invited for questioning. However, he was alleged to have snubbed the invitation. 

Arrest

With the FIB investigation over a period of two months, the police found probable cause and secured a warrant of arrest for Akindele.

He was finally arrested and in custody, he was interrogated for days before he was arraigned in court. 

Alleged Attempts to Bribe Police 

Upon arrest, he was said to have offered the policemen investigating the case N150million, of which he paid N50million upfront. The team led by DCP Elohor and Edwin Okpoziakpo under the supervision of AIG AbduYari S. Lafia, AIG FIB  were offered N150 million and SP Ezekiel Sini, who turned his back on a N50 million cash bribe (from the N150million on the table).

Arraignment and Bail 

On Tuesday last week, the police arraigned him on one count bordering on bribery at the Federal Capital Territory High Court sitting in Maitama. The suit numbered CR/595/2023, had the Acting Inspector General of Police Kayode Egbetokun as the Plaintiff/Applicant.

The charge reads: “That you Akintoye Akindele, male (49 years), MD/CEO of Duport Midstream Company Limited of D2 Mambilla Close Osborne Estate, Ikoyi, Lagos between August 5 and 9 2023 in Abuja, while being investigated by SP Ibrahim Ezekiel Sini and his team on a petition submitted to the Inspector General of Police FIB by Summit Oil International Limited on allegation of diversion of the sum of $5,636,397.01 and N73,543,763.25, you offered gratification of N150,000,000.00 and made part payment of N50,000,000.00 to SP Ibrahim Sini, a public servant in circumstance and to allow you to escape abroad and to write a report in your favour.”

Although the prosecution said the alleged offence is punishable under Section 118 of the Penal Code Law, 

Akindele pleaded not guilty and Justice Hamza Muazu, then rejected the request to further detain the defendant to enable the police to conclude their investigation since the offence was a bailable.

He granted Akindele bail to the tune of N500 million with two sureties in like sum with one of the sureties owning a landed property within the jurisdiction and be a resident of the Federal Capital Territory. He was however made to  deposit his passport with the court.

With the case file returned to the Chief Judge for reassignment, the million dollar question is what are the fates of all the investors who have each accused Akindele of sweeping them dry to fund his lavish lifestyle. Well, the courts will decide when a trial date is set and the judicial process begins properly. 

Stance of Akindele’s Lawyers  

Although THISDAY made attempts to reach Akindele for his reaction, his phone number was switched off and the subsequent text message sent too wasn’t responded to as at press time either. 

But Pelumi Olajengbesi, his lawyer in court, when a Nasarawa State Chief Magistrate Court quashed and set aside a warrant of arrest and remand against Akindele in Suit No: CMC/MG/CR/175/2023, the court on August 23, 2023, alleged that his client’s  business rivals were trying to weave unfounded fraud allegations around him through cronies, describing all fraud allegations against him as untrue.

Akindele, through his lawyers, had approached the court praying for an order to set aside a warrant of arrest and a warrant of commitment to prison on remand earlier made for being a nullity on the grounds that the court lacked jurisdiction and non-disclosure as well as suppression of material facts.

Olajengbesi said, “The implication of the court order is to nullify the basis upon which he was arrested in the first place which means that the arrest and search were wrongfully done without proper order from the court.

“The standard in our criminal jurisprudence is investigation before arrest. It is worrisome that the Nigeria Police Force will have to approach a magistrate court in Nasarawa State where the court has no jurisdiction to obtain such a warrant, and after the court said it lacked jurisdiction on the matter and invited the police to defend it, the police failed to show up having recognised their error in the whole unnecessary drama.”

But in their reaction, some of the stakeholders opined that the proceedings in the Nasarawa court has no bearing on the merit of the criminal allegations brought against the accused. 

According to them, the Nasarawa court did not and couldn’t have determined the innocence or otherwise of an accused person not arraigned before it, adding that it was immature to suggest that an accused is innocent because a detention order was discharged on the ground of lack of jurisdiction.

Investor’s Dilemma 

When asked if the aim is to recover all the monies involved or just ensure he is prosecuted, one of the investors said “That is a thought-provoking question. It precisely encapsulates our current situation. Regrettably, once the wheels of a criminal procedure are set in motion, they revolve around the interests of the state and the rule of law.

“Ideally, this situation could have been avoided had he chosen to admit his misappropriation and committed to returning the funds. 

“It’s important to note that without the intervention of law enforcement, we would have remained oblivious to the exact timing of Shell’s payment and the diversion of funds. Our awareness is limited to the fact that he illicitly acquired the funds, depriving us of our rightful share. This circumstance is indeed unfortunate.

“It’s imperative that he fulfills his obligation to repay the misappropriated funds. The retrieval of our rightful share is non-negotiable. It’s a fundamental principle that when a crime has been committed, the subsequent course of action involves restitution.”

Commendation for Police 

For a police force battling with its image, the singular action by the police investigator in reporting the alleged bribe has been force multiplier. 

A director at Duport Energy Limited said, “seeing the way Summit Oil’s case has been handled so far inspires confidence that this case will be investigated impartially and the law will be allowed to take its course.”

Another investor said: “Additionally, Akintoye has, in written correspondences and various meetings, admitted to diverting these funds for unauthorised purposes. Given these confirmations, we are optimistic that justice will prevail, and we anticipate that the police will pursue charges against him for this offense as well.”

Another investor had this to say, “Prior to this case, I had never interacted with the police, and I’m truly impressed by their professionalism and formality throughout the process. This admiration is the driving force behind our desire to emphasise this message and 

provide encouragement to the Nigerian Police Force.

“Its commendable that the police, led by the acting Inspector General, have displayed courage in pursuing this case. Despite facing considerable pressure, they’re committed to duty.

“This determination is deserving of applause, as their task is far from simple. They could have chosen to avoid the matter altogether, but they’ve chosen to take action.”

In a letter to the Chairman of the Police Service Commission, IGP Solomon Arase (Rtd), Summit Oil commended the acting Inspector General of Police, Kayode Egbetokun, for charging Mr Akintoye Akindele to court for the bribery incident. 

They also commended the team led by DCP Elohor and Edwin Okpoziakpo under the supervision of AIG AbduYari S. Lafia, AIG FIB for demonstrating exceptional integrity and discipline by rejecting the bribe of N150 million from the suspect under investigation and for SP Ezekiel Sini, who turned his back on a N50 million cash bribe by reporting it to his superiors, which they said is highly commendable. 

According to many, the development and professional way the police have been handling the case signal a new era in law enforcement as promised by the recently appointed acting IGP Kayode Egbetokun to rid the society of crime.

Caption: Dr Akindele

Quote

Prior to this case, I had never interacted with the police, and I’m truly impressed by their professionalism and formality throughout the process…Its commendable that the police, led by the acting Inspector General, Kayode Egbetokun, have displayed courage in pursuing this case. Despite facing considerable pressure, they’re committed to duty