The Economic and Financial Crimes Commission (EFCC) investigation into the alleged misappropriation of $35 million (about N56 billion) meant for the Atlantic International Refinery and Petrochemical Limited (AIRPL) in Bayelsa State has hit a snag, as Dr. Akindele Akintoye, a key suspect, has failed to honor the agency's invitation.
Earlier this year, in May, former House of Representatives member Israel Sunny-Goli petitioned the EFCC, calling for an investigation into the multimillion-naira investments made by the Nigerian Content Development and Monitoring Board (NCDMB), which included the Atlantic Refinery project.
Sunny-Goli detailed that a full investment of $35 million was allocated to the refinery project, which was to construct a 2,000-barrel-per-day modular refinery with a jetty facility and a 2MW power plant at the Brass Free Trade Zone (FTZ). The project was set to be completed within 24 months.
In his petition, Sunny-Goli stated, “The target completion period was 24 months from the date of financial close, with the full investment of $35 million released in a single tranche in October 2020. Yet, the project has stalled, with little to no progress made."
He identified Dr. Akindele Akintoye, NCDMB’s former Executive Secretary Simbi Wabote, and Director of Finance and Personnel Management Isaac Yalah as the primary individuals involved in the alleged scam.
While Simbi Wabote, Isaac Yalah, and other key figures from NCDMB have been interrogated and even detained by the EFCC, Akintoye has not yet responded to the commission's invitation.
Akindele, alleged to have established the company in 2020 with a share capital of just N10 million—the same year the $35 million refinery deal was finalized—has reportedly left the country.
“The last time Akintoye was summoned by the EFCC, he merely sent his lawyer, who claimed that he had a court order allowing him to travel abroad. Since last month, Akintoye has traveled, moving between Cape Town, Paris, and his last known location in London,” said a source close to the investigation. “There are rumors that he has powerful backers within the EFCC, as the case should have been taken to court by now.”
It is worth recalling that in June 2020, NCDMB invested $35 million in Atlantic International Refinery and Petrochemical Limited (AIRPL), with ownership linked to Admantine Petrochemical and others.
In March 2024, the House of Representatives Committee on NCDMB launched an investigation into the $35 million investment in the refinery and other projects under the board.
Additionally, in May, Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri alleged that the previous leadership of the NCDMB squandered about $500 million on questionable projects and loans, pledging to probe the matter further.
Speaking at a dinner hosted by The Petroleum Club in Lagos, Lokpobiri remarked, “In Bayelsa, the Atlantic Refinery in Brass, my predecessor’s hometown, was paid $35 million by the NCDMB. Yet, there’s not a single block laid. Despite warnings not to proceed, the payment was made in full and not in installments. Under my leadership, NCDMB is reassessing all these investments, which total $190 million—close to N200 billion, more than some states' entire budgets."
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