Alleged $35m NCDMB Project: Akintoye’s Company Defaulted in Convening Board Meetings – Witness

Alleged $35m NCDMB Project: Akintoye’s Company Defaulted in Convening Board Meetings – Witness

The trial of Akindele Akintoye before Justice Ekerete Akpan of the Federal High Court, Abuja, continued on Monday 9, March 2026 with the Fourth Prosecution Witness, PW4, Isaac Yalah informing the court that the Nigerian Content Development and Monitoring Board, NCDMB officially complained to the defendant of the failure of Atlantic International to convene board meetings and report to NCDMB on the outcomes.

The Economic and Financial Crimes Commission, EFCC is prosecuting Akintoye, Platforms Capital Investment Partners Limited and Duport Midstream Company Limited on amended six-count charges bordering on dishonesty and conversion of $35million, belonging to NCDMB Project.

The witness, a former Director of Finance and Personnel and also a former Director, Planning, Research and Statistics in NCDMB, while being cross-examined by counsel to first and second defendant, E.O Adekwu, SAN, stated that NCDMB made the complaint sometime in February, 2023, in a communique complaining that board meetings of Atlantic International Refinery and Petrochemical Limited were not being held.

Asked to confirm if he ever raised a formal complaint about the default in holding board meetings, the witness said “At the initial start of the project, board meeting were held regularly to update the board members of the project until such a time where a lot of the board members resigned, so there were no regular meeting as mentioned. At that time, official complaints were made,” he said, adding that the complaint was about the delay in executing the project and lack of board meetings.

Testifying further, he said, “I recalled specifically in early February 2023, we made a communique to the first defendant. When I said we, I meant NCDMB. The complaint that was raised was in accordance with Exhibit E,” he said. He stated that the complaint on lack of board meetings was written on the letter head of NCDMB to the first defendant as chairman and management director.

The witness also disclosed that NCDMB was severely bothered by the financial viability of the project.

Justice Ekerete adjourned the matter till March 10, 2026 for continuation of cross-examination.