$35m Bayelsa Refinery’s Probe: Lagos Oil Magnate Akintoye Akindele Shuns EFCC Invitation, Travels Abroad

The Economic and Financial Crimes Commission (EFCC) investigation of the alleged misappropriation of the $35 million (about N56bn) meant for the Atlantic International Refinery and Petrochemical Limited (AIRPL), in Bayelsa State, may have been stalled owing to the failure of one of the principal suspect in the alleged scam, Dr Akindele Akintoye, to honour the anti-corruption agency’s invitation.

According to Daily Independent, rather than honour the invitation, Akindele sent a lawyer and traveled abroad.

In May, this year, a former member of the House of Representatives, Israel Sunny-Goli, had petitioned the EFCC to probe multi-million naira investments made by the Nigerian Content Development and Monitoring Board (NCDMB), among which was the Atlantic Refinery project.

He disclosed that a full investment of $35 million was made for the Atlantic Refinery project, which was expected to be a 2,000 bpd modular refinery with a jetty facility and 2MW power plant, with a duration of 24 months completion at the Brass Free Trade Zone (FTZ).

Sunny-Goli said in the petition that; “Its target completion period was 24 months from the date of financial close. Full investment amount of $35m was released in one bullet in October 2020.

“The project has stalled and has little or nothing to show for the disbursement made.”

He listed Dr Akindele Akintoye, NCDMB former Executive Secretary, Simbi Wabote and Director, Finance and Personnel Management, Isaac Yalah as the principal suspects in the alleged scam.

Sources disclosed that Simbi Wabote, Isaac Yalah and some other top functionaries of the NCDMB have been interrogated and even detained by the EFCC.

However, Akintoye, the brain behind the alleged $35 million Atlantic Refinery scam is yet to honour the EFCC invitation.

He was alleged to have set up the company with N10 million share capital in 2020, the same year the $35 million Refinery deal was sealed.

“The last time he (Akintoye) was invited by the EFCC, he simply sent his lawyer, who was said to have claimed that he had a court order to travel abroad and he traveled since last month.

“He has moved from Cape Town in South Africa to Paris in France. His last destination was London.

“What is being insinuated now is that the said Akintoye has a strong backing in the EFCC and he is being shielded. This is because normally, the case ought to have been charged to Court by now,” the source said.

It should be recalled that the NCDMB had in June 2020 invested $35 million in Atlantic International Refinery and Petrochemical Limited (AIRPL), a modular refinery to be located in Bayelsa, with beneficial ownership linked to Admantine Petrochemical and others.

In March this year, the House of Representatives Committee on NCDMB commenced investigation into the $35 million investment in Atlantic International Refinery and Petrochemical Limited (AIRPL) and some other projects executed by the board.

In May this year, the minister of State for Petroleum Resources (Oil), Heineken Lokpobiri alleged that the past executive of NCDMB allegedly wasted about $500m on questionable projects and loans, vowing investigation.

Lopkobiri disclosed this at a dinner held in Lagos by The Petroleum Club. During an interactive session at the event, Lokpobiri alleged that the past leadership of the NCDMB paid $35m for the Brass Modular Refinery in Bayelsa state without anything to show for it.

He said; “In Bayelsa, there was the Atlantic Refinery that was supposed to be in Brass, my predecessor’s hometown. $35m was paid out by NCDMB, not even one block is there. Normally, if the NCDMB is to make an investment, there is a disbursement threshold, but this $35m was released at once. This is the same town that Simbi, the former NCDMB executive secretary comes from. When you go there, what you will see is an open field, not even one block.

“Even when there are documents showing, ‘do not do this refinery of $35m’, it was done against the advice. The money was not paid in installments; it was paid at once. The NCDMB under my leadership is reviewing the entirety of those investments. $190m is almost N200bn, some states don’t have that kind of budget.”