Duport Midstream CEO, Akintoye Akindele arraigned for committing N8.8bn fraud

Akintoye Akindele, the Managing Director and Chief Executive Officer of Duport Midstream Company Limited, was brought before a Federal High Court in A

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Akintoye Akindele, the Managing Director and Chief Executive Officer of Duport Midstream Company Limited, was brought before a Federal High Court in Abuja on charges of alleged $5,600,000 fraud.

A four-count charge filed against him by the office of the Inspector General (IG) of Police accuses Akindele of diverting $5,636,397.01 and N73,543,763.25 belonging to Summit Oil International Limited.

It is alleged that between 2017 and 2021, Akindele and his company converted funds received from Shell into personal use.

Meanwhile, Akindele pleaded not guilty to the charges and his lawyer, Chief James Onoja, moved a bail application.

Although the prosecution did not object to the application, the judge imposed a stringent bail condition on the defendant.

Justice James Omotosho ruled that despite Akindele’s claim of being granted bail by a High Court of the Federal Capital Territory (FCT), there was no evidence to support this claim.

The judge also granted bail in the sum of N750,000,000, requiring two sureties who own landed property within the court’s jurisdiction.

The sureties must also submit their bank statements to the court registrar and swear to an affidavit of means.

However, since Akindele came to court from his residence, he was permitted to enjoy the bail granted by the FCT High Court until March 8, and failure to meet the new bail conditions will result in his remand.

The court adjourned the case until March 15 for trial.

Charge one for bail states, “Between October 2017 and November 2021 in Lagos State, Akintoye Akindele, aged 49, Managing Director/CEO of Duport Midstream Company Limited, residing at D2 Mambilla Close, Osborne Estate, Ikoyi, Lagos, and Duport Midstream Company Limited, located at 42 Alexander Avenue, Ikoyi, Lagos, are accused of conspiring to commit the felony of stealing by conversion.

“Specifically, converting $5,636,397.01 million USD and N73,543,763.25, thereby contravening Section 516 of the Criminal Code Law, Cap C38, Laws of the Federation of Nigeria, 2004.”