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APRNEWS : Alleged $5.6m fraud - Oil magnate, Akintoye Akindele remanded in Kuje Prison


The Managing Director and Chief Executive Officer (MD/CEO) of Duport Midstream Company Limited, Mr Akintoye Akindele was on Friday ordered to be remanded in Kuje Correctional Centre over alleged $5.6m fraud.

Justice James Omotosho, in a short ruling, directed Akindele to be remanded in the correctional centre pending the perfection of his bail.

Justice Omotosho, thereafter, adjourned the matter until March 20 when the court will consider documents confirming the perfection of the bail earlier granted him.

The police, in the charge, accused Akindele and Duport Midstream Company Limited, of diverting the sum of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Ltd.

Akindele and his company, which is the second defendant in the suit marked: FHC/ABJ/CR/570/2023, were said to have committed the act between 2017 and 2021, when they allegedly converted the said sum received from Shell Western Supply and Trading Limited into personal use.

Justice Omotosho had, on March 1, admitted the businessman to bail in the sum of N750 million with two sureties in like sum.

He said the two sureties must own landed property within the jurisdiction of the court, must swear to an affidavit of means and deposit their statements of bank accounts with the court registrar.

Justice Omotosho in granted the bail, held that the defendant must meet all the conditions attached to the bail before or by March 8.

Justice Omotosho, who said that since the defendant came to court from his house, the court would permit him to continue to enjoy the bail of the FCT High Court till March 8, maintained that the defendant would be remanded if he failed to meet the conditions of the new bail by March 8.

He then and adjourned till March 15 for commencement of trial.

The development occured shortly after he was arraigned in a four-count charge preferred against him by the Inspector-General (I-G) of Police.

Upon resumed hearing on Friday, I-G’s lawyer, Mr Simon Lough, SAN, said though the matter was adjourned for trial and three of their witnesses were in court, he made an oral application for the matter to be transferred to FHC in Lagos.

Akindele’s lawyer, Chief James Onoja, SAN, opposed Lough’s oral application, stating that he planned to respond to the request.

Justice Omotosho also corrected the prosecutor on his oral application.

“Transfer is just not by oral application. There should be a motion on notice.

“There must be reasons for transfer and it must be by affidavit evidence and you will serve the other party for them to respond.

“If they agree with your reasons, that is that. But if they don’t agree, they have the right to say why it should not be taken to Lagos,” the judge said.

Lough, however, argued that Section 22 of the FHC Act allowed a judge to, suo motu, transfer a case to a division that had jurisdiction.

Justice Omotosho said that a court can suo motu transfer that was after listening to parties.