The trial of Akindele Akintoye, Platforms Capital Investment Partners Limited and Duport Midstream Company Limited continued on Tuesday, December 2, 2025, before Justice Ekerete Akpan of the Federal High Court Abuja, with the Economic and Financial Crimes Commission, EFCC, presenting its fourth witness.
Akintoye and the two companies are on trial on a six- count amended charge bordering on dishonesty and conversion of $35m Nigerian Content Development and Monitoring, NCDMB Project.
The fourth prosecution witness, PW4, Isaac Yalah, a former Director of Finance and Personnel and also a former Director, Planning, Research and Statistics informed the court that there was no report by the defendant to NCDMB that the project which is in milestones one and two has been executed.
He stated that the project account was opened in the name of Atlantic International Refinery and the defendant with Zenith bank.
“Upon receipt of the fund at the project account, a disbursement schedule was submitted by the first defendant to NCDMB showing six milestones. In December of 2020, the sum of $21.55m covering milestones one and two was paid into the operational account in Zenith Bank of Atlantic International Refinery and Petrochemical Limited.
“In January 29, 2021, the remaining sum of $13.45m was further transferred from the project account to the operation account of Atlantic International Refinery and Petrochemical Limited. The second tranche of payment of $13.45m USD accounted for milestone three to six. This payment was made on the instruction of the then Minister of State for Petroleum Resources and this instruction was given to me verbally”, he said.
When asked by the prosecution counsel, E.E.Iheanacho, SAN, if there was any report to the NCDMB board how the funds were utilized, the witness said “there was no official report to the NCDMB showing how the breakdown of the $21.55m was spent. However, in our board meeting of Atlantic International Refinery and Petrochemical Limited, evidence of work done was presented. This includes on-going sight and sampling, renovation of the health centre at the Brass, renovation of the water system, payment for power system, data centre and some advance payment for the refining.
“Expectations are that after the disbursement of the first tranche of $21.55m, a conclusive report detailing work done and services should have been provided before any further disbursement.
“The report was necessary for proper accountability of earlier disbursed funds.”
The witness further told the court that the project was supposed to be complete within four months from disbursement of the funds. The project has not been completed up till now.”
“The project currently as it stands has been abandoned, and I am not aware of any request for variation in terms of cost of materials for the project being discussed in the Atlantic Refinery and Petrochemical Limited. I am not aware of any report forwarded by the Atlantic International Refinery and Petrochemical Limited to the NCDMB in respect of the work done on the last milestones. The witness stated that he was not a signatory to the operation account of Atlantic International Refinery and Petrochemical Limited.
“I was only a signatory to the project account of Atlantic International Refinery and Petrochemical Limited. The first defendant is the signatory and his management team were the signatories of the operation account of Atlantic International Refinery.”
The matter has been adjourned to December 3, 2025 for cross-examination of the witness.
