On Wednesday, the Federal High Court, Abuja Division, admitted 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, he was mindful to grant the bail in the interest of justice.

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

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 Mr Akintoye and the sureties deposit two recent passport photographs each and that the court registrar verify the residence of the sureties.

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

Mr Nwite had, on December 31, 2024, fixed today for ruling after Mr Esedo and Martha Babatunde, who appeared for the EFCC, argued their case for and against the bail application.

Mr Esedo, while moving the application, had posed a question as to whether the defendant was entitled to bail. The lawyer argued that bail issues are matters of discretion exercised judicially and judiciously by the court.

He said Mr Akinloye would be presumed innocent until proven guilty, adding that he had met all the requirements for granting bail. Mr Esedo assured that the defendant would not jump bail and was ready to stand trial.

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

Ms Babatunde opposed the bail plea and argued that Sections 158 and 162 of the Administration of Criminal Justice Act did not impose on the court to grant bail.

She argued that the evidence against Mr 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, Mr Akintoye would not attend the trial, describing him as a flight risk.

Mr Akintoye, in the four-count charge, was alleged to have diverted $26,060,406 meant to build a refinery in Brass, Bayelsa. Mr Akintoye, Platform Capital Investment Partners Limited and Duport Midstream Company Limited, where he is also the managing director and CEO, were sued as the first to third defendants, respectively, by the anti-graft agency.

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

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

The $16 million is alleged to constitute proceeds 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 2012) and punishable under Section [5(3)] of the same Act, among other counts.

(NAN)