•He delivered $6.9m cash –Witness

From Sola Ojo, Abuja

The Economic and Financial Crimes Commission (EFCC) on Monday, December 1, 2025, re-arraigned Akindele Akintoye before Justice Ekerete Akpan of the Federal High Court in Abuja over an amended six-count charge bordering on alleged dishonesty and conversion of $35 million belonging to the Nigerian Content Development and Monitoring Board (NCDMB).

Also listed as defendants in the case are Platforms Capital Investment Partners Limited and Duport Midstream Company Limited.

At the resumed hearing, prosecution counsel E.E. Iheanacho, SAN, informed the court of the amended charge dated and filed on November 27, 2025, requesting that it be read to the defendants for their plea. Counsel to all defendants raised no objections.

One of the counts alleges that Akintoye and Platforms Capital Investment Partners Limited, between December 2020 and February 2021 in Lagos, retained $16,006,000, allegedly converted from funds paid by NCDMB Capacity Development Intervention Company Limited to Atlantic International Refinery and Petrochemical Limited as investment.

The EFCC says the defendants knew the funds were proceeds of unlawful activity, contrary to Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended), and punishable under Section 15(3) of the same Act.

Another count accuses the defendants of using $9,048,725 between December 2020 and January 2021, also allegedly converted from NCDMB investment funds.

All defendants pleaded not guilty.

The prosecution thereafter called its third witness, Isah Yusuf, a currency dealer who testified that he sourced and delivered cash in dollars to the first defendant through intermediaries.

Yusuf said he was first contacted in 2021 by a Zenith Bank staff member, identified as PW2, Mr. Adeshina, who sought help for a customer interested in swapping dollar deposits for physical cash.

He disclosed that he worked with Mrs. Bunmi, owner of Oxygen Oil and Gas and Kensley Logistics Ltd, as well as one Mr. Yunusa, who operated four corporate accounts, Rochdale Logistics Ltd, Honda Manufacturing, Porkfirst Ltd, and Global Factual.

According to him, the dollars were transferred into these corporate accounts, and equivalent amounts were withdrawn and packaged in cash.

He testified that he personally delivered the cash several times to the defendant’s office in Victoria Island, Lagos.

“I used to deliver these cash payments to the office of the defendant on several occasions,” he told the court, adding that the total amount he delivered was $6.9 million.

“He noted that he handed the money to Akintoye’s staff each time, saying the defendant never appeared in person.

The witness’ written statements made to the EFCC were admitted in evidence and marked as Exhibits L1, L2, and L3.

Justice Akpan adjourned the matter to December 2, 2025, for continuation of trial.