Oil Magnate, Akindele Arraigned over Alleged $5.6m Fraud

Alex Enumah in Abuja

The Managing Director and Chief Executive Officer (MD/CEO) of Duport Midstream Company Limited, Mr. Akintoye Akindele, was yesterday, arraigned before a Federal High Court in Abuja, over alleged $5.6 million fraud.

In a four-count charge brought against him by the office of the Inspector General (IG) of Police, the accused was alleged to have diverted the sum of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Ltd.

Akindele and his company, which was the second defendant in the suit marked: FHC/ABJ/CR/570/2023, were said to have committed the act between 2017 and 2021, when they allegedly converted the said sum received from Shell into personal use.

He, however, pleaded not guilty to the four-count charge, following which his lawyer, Chief James Onoja, moved his bail application.

Although, counsel to the prosecution, Mr. Simon Lough, did not objected to the grant of the application, the judge however slammed a stringent bail condition on the defendant.

Trial judge, Justice James Omotosho, in his ruling stated that although the accused claimed that a High Court of the Federal Capital Territory (FCT) has already admitted Akindele to bail in the sum of N500,000, there was no evidence before the court to that effect.

The judge subsequently grant bail in the sum of N750 million, with two sureties in like sum. The sureties, according to the ruling must own landed property within the jurisdiction of the court. In addition, the sureties who must swear to an affidavit of means are to also deposit their statements of account with the registrar of the court.

Justice Omotosho, however, held that since the defendant came to court from his house, the court will permit him to enjoy the bail of the FCT High Court, till March 8.

He would however be remanded if he fails to meet the conditions of the new bail.

Meanwhile, the court has adjourned till March 15, for trial.

Count one of the bail read: “That you Akintoye Akindele male 49 years MD/CEO of Duport Midstream Company Limited of D2 Mambilla Close Osborne Estate Ikoyi Lagos and Duport Midstream Company Limited of 42 Alexander Avenue Ikoyi Lagos between October, 2017 and November, 2021 in Lagos state within the jurisdiction of this honourable court while acting in concert conspire together to commit felony to wit: Stealing by conversion of the sum of $ 5,636,397.01 Million USD and N73,543,763.25, you thereby committed an offence contrary to section 516 of the Criminal Code law, Cap C38 laws of the Federation of Nigeria 2004.”