The trial of Akindele Akintoye, Platforms Capital Investment Partners Limited, and Duport Midstream Company Limited resumed in Abuja, with the Economic and Financial Crimes Commission presenting its fourth witness. The defendants face allegations of converting $35 million released for a Nigerian Content Development and Monitoring Board project.
Isaac Yalah, a former director at the NCDMB, testified as the fourth prosecution witness, stating that the defendants failed to submit reports demonstrating the completion of milestones one and two. He noted that there was no official documentation showing how the funds were spent. The money was disbursed in two stages into bank accounts operated by Atlantic International Refinery and Petrochemical Limited. According to Yalah, it was expected that a detailed report would be provided after the first disbursement, outlining the work done and services rendered, before any further funds were released.
The project, initially scheduled for completion within four months, remains unfinished. Yalah informed the court that the project has been abandoned in its current state. The NCDMB project was intended to promote local content development in Nigeria’s oil and gas sector. The alleged conversion of funds has raised concerns about transparency and accountability in the management of public resources.
The case is being heard by Justice Ekerete Akpan of the Federal High Court in Abuja. The matter has been adjourned to December 3, 2025, for cross-examination. The trial’s outcome will have significant implications for the defendants and the NCDMB, as it relates to the management of public funds and the development of Nigeria’s oil and gas sector. The Economic and Financial Crimes Commission’s prosecution of the case highlights the agency’s efforts to combat financial crimes and ensure accountability in Nigeria’s public sector.
