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From Sola Ojo, Abuja
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 Board (NCDMB) project funds.
The fourth prosecution witness (PW4), Isaac Yalah, a former Director of Finance and Personnel as well as Director of Planning, Research and Statistics, informed the court that no report by the defendant to NCDMB showed the project, particularly milestones one and two, had 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 funds in the project account, a disbursement schedule was submitted by the first defendant to NCDMB showing six milestones.
“In December 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.
“On 29 January 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 payment of $13.45m accounted for milestones three to six. This payment was made on the verbal instruction of the then Minister of State for Petroleum Resources,” he said.
When asked by prosecution counsel, E. E. Iheanacho, SAN, if any report was sent to the NCDMB board on the use of the funds, the witness said, “There was no official report to the NCDMB showing how the breakdown of the $21.55m was spent.
“However, at our board meetings with Atlantic International Refinery and Petrochemical Limited, evidence of work done was presented. This included ongoing site and sampling, renovation of the health centre at Brass, renovation of the water system, payment for power systems, data centre, and some advance payment for the refinery.
“Expectations are that after the disbursement of the first tranche of $21.55m, a conclusive report detailing work done and services provided should have been submitted 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 completed within four months of fund disbursement. “The project has not been completed up to now. It is currently abandoned, and I am not aware of any request for variation in terms of cost of materials for the project being discussed at Atlantic International Refinery and Petrochemical Limited.
“I am not aware of any report forwarded by Atlantic International Refinery and Petrochemical Limited to the NCDMB in respect of work done on the last milestones.” The witness also said 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 and his management team are signatories to the operation account.”
The matter has been adjourned to December 3, 2025, for cross-examination of the witness.
