A Federal High Court in Abuja has granted N500 million bail to Mr. Akindele Akintoye, Founder and Chairman of Platform Capital Investment Partners Limited, who is facing charges of alleged fraud and money laundering.
Justice Emeka Nwite ruled in favor of Akintoye’s bail on Wednesday, emphasizing that while the charges against him were serious, the decision was made in the interest of justice.
As part of the bail conditions, Akintoye must provide two sureties who are required to depose to affidavits of means and own landed property within the court’s jurisdiction. The documents for these properties must be deposited with the court registrar. Additionally, Akintoye must surrender all international passports and obtain court permission before traveling.
The judge directed both the prosecution and defense to interview and supervise the proposed sureties before Akintoye can be released. The matter was adjourned to March 4, 2025, for trial.
The Economic and Financial Crimes Commission (EFCC) alleges that Akintoye, alongside his company, Platform Capital Investment Partners Limited, and Duport Midstream Company Limited, diverted $26 million meant for the construction of a refinery in Bayelsa State.
In opposing the bail application, EFCC counsel Martha Babatunde described the charges as serious financial crimes constituting national economic sabotage. She argued that Akintoye was a flight risk and might not attend trial if released.
The defense, however, assured the court that Akintoye would meet all bail conditions and was committed to standing trial. The court ultimately exercised its discretion to grant bail, reinforcing the presumption of innocence until proven guilty.
The EFCC claims Akintoye retained $16 million between December 2020 and February 2021, allegedly misappropriated from an investment by the Nigerian Content Development and Monitoring Board (NCDMB). The funds are said to constitute proceeds of unlawful activity, violating provisions of the Money Laundering Prohibition Act.
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