By Taiye Agbaje

A Federal High Court in Abuja, on Wednesday, admitted Mr Akindele Akintoye, Founder and Chairman of Platform Capital Investment Partners Limited, to a N500 million bail with two sureties in like sum.

Justice Emeka Nwite, in a ruling held that though he was not unmindful of the serious nature of the offence preferred against the defendant, but he was minded to grant the bail in the interest of justice.

Justice Nwite, who ordered that the two sureties shall depose to affidavit of means, directed that the sureties must have landed property within the jurisdiction of the court and the documents deposited with the deputy registrar of the court.

He ordered that all his international passports be deposited with the registrar and shall not travel without the permission of the court.

He also ordered that Akintoye and the sureties shall deposit two recent passport photographs each and the residence of the sureties verified by the court registrar.

The judge, who ordered that both the prosecution and defence counsel shall supervise and interview the proposed sureties before Akintoye is released on bail, adjourned the matter until March 4 for trial.

The News Agency of Nigeria (NAN) reports that Justice Nwite had, on Dec. 31, 2024, fixed today for ruling after Esedo and Martha Babatunde, who appeared for the EFCC, argued their case for and against the bail application.

Esedo, while moving the application, had posed a question whether the defendant was entitled to bail.

The lawyer argued that issues of bail is a matter of discretion which is exercised judicially and judiciously by the court.

He said Akintoye is presumed to be innocent until proven guilty, adding that he had met all the requirements for granting bail.

Esedo assured that if granted bail, the defendant would not jump bail and was ready to stand his trial.

Besides, he said that the anti-graft agency had already concluded its investigation, having held him for 55 days.

Babatunde, who vehemently opposed the bail plea, argued that Sections 158 and 162 of the Administration of Criminal Justice Act (ACJA) did not impose on the court to grant bail.

The lawyer, who argued that a bail is not granted as a matter of must, said it is the duty of the applicant to place sufficient evidence before the court.

She argued that the evidence against Akintoye was weighty as it bordered on serious national economic sabotage and financial crime which is currently ravaging the country.

She said if admitted to bail, Akintoye would not attend trial, describing him as a flight risk.

NAN reports that Akintoye, in the four-count charge, was alleged to have diverted a sum of $26,,060, 406.00 US dollars meant to build a refinery in Brass, Bayelsa.

Akintoye, Platform Capital Investment Partners Limited and Duport Midstream Company Limited, where he is also the Managing Director and CEO, were sued as 1st to 3rd defendants respectively, by the anti-graft agency.

The EFCC, in the charge marked: FHC/ABJ/CR/641/V/2024 dated and filed on Dec. 19 by its lawyer, Ekele Iheanacho, SAN, alleged that Akintoye and Platform Capital Investment Partners Limited had between December, 2020 and February, 2021, indirectly retained 16 million dollars.

The amount, the EFCC said, was part of the funds dishonestly converted from the money paid by the Nigerian Content Development and Monitoring Board (NCDMB) Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment.

The said a sum of $16, 006, 000 is alleged to constitute proceed of unlawful activity.

The offence, EFCC said, is contrary to Section 15 (2) (d) of the Money Laundering Prohibition Act, 2011 (as amended) by (Act No. 1 of 20!2) and punishable under Section [5(3) of the same Act, among other counts.(NAN)

edited by Sadiya Hamza