$5.6m fraud: Court remands Oil mogul, Akintoye Akindele in Kuje prison

Justice James Omotosho of the Federal High Court in Abuja, on Friday, ordered the remand of Dr. Akintoye Akindele, Managing Director and Chief Executive Officer (MD/CEO) of Duport Midstream Company Limited, at the Kuje prison in Abuja. Akindele will remain in prison on remand until March 20, when the confirmation of perfection of his bail conditions will be considered.

Previously, on March 1, the court granted him bail in the sum of N750 million with two sureties in like sum, following allegations of fraud amounting to $5.6 million. However, Justice Omotosho noted that Akindele failed to meet the conditions of the bail before the specified deadline of March 8.

Part of the bail conditions stipulates that the two sureties must own landed property within the jurisdiction of the court and deposit their statements of account with the registrar of the court. Despite efforts by Akindele’s lawyers to extend the period for the perfection of the bail, the judge observed that the bail was not perfected before March 8.

During the trial on Friday, the prosecution lawyer, Mr. Simon Lough, SAN, sought to transfer the case from the Federal High Court, Abuja, to the Federal High Court, Lagos, citing the jurisdiction where the alleged offence occurred and the availability of witnesses and evidence. However, Justice Omotosho declined to consider the oral application, emphasizing that the prosecution must file a formal written application.

The judge adjourned the case till March 20 for consideration of the bail perfection and hearing on the application for transfer to the Lagos division of the Federal High Court. In the meantime, he ordered that Akindele be remanded at the Kuje Correctional Center in Abuja.

The charges against Akindele include allegations of diverting funds belonging to Summit Oil International Ltd., amounting to $5,636,397.01 and N73,543,763.25, between 2017 and 2021. He faces multiple counts of conspiracy, stealing by conversion, and dishonest conversion, as outlined in the charges brought against him by the office of the Inspector General of Police.