EFCC arrests Atlantic International Refinery boss for alleged $35M fund diversion

The Economic and Financial Crimes Commission (EFCC) has arrested Mr Akintoye Adeoye Akindele, Managing Director of Atlantic International Refinery and Petrochemical Limited, on charges of allegedly diverting $35 million meant for the development of an Energy Infrastructure Park in Bayelsa State.

The Nigeria Content Development and Monitoring Board (NCDMB) provided counterpart funding of about $35 million for the project, located in Okpoama Community, Brass Local Government Area.

This funding was intended to support the construction of a 2,000-barrel-per-day refinery, jetty, gas plant, power plant, data centre, and tank farm in the Brass Free Trade Zone. The NCDMB transferred the funds to Atlantic International Refinery and Petrochemical Limited in December 2020, but since then, there has reportedly been little progress on the project.

Investigations suggest that Akindele allegedly diverted the project funds into several of his other companies, including Platform Capital Investment Partners, Duport Midstream Company Ltd., Puissance Afrique Dynamics Ltd., and Admantine Petrochemical & Refinery Ltd., as well as through Bureau de Change outlets.

After an extensive search, Akindele reportedly surrendered himself to the EFCC, where he was subsequently detained at the commission’s holding facility in Abuja. According to EFCC Head of Media and Publicity Dele Oyewale, Akindele will be charged upon the conclusion of ongoing investigations.