RismadarVoice Reporters, March 9, 2026
The trial of Akindele Akintoye over an alleged $35 million Nigerian Content Development and Monitoring Board (NCDMB) project continued on Monday before Justice Ekerete Akpan of the Federal High Court in Abuja, with a prosecution witness stating that the defendant’s company failed to convene board meetings and report to the board.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Akintoye alongside Platforms Capital Investment Partners Limited and Duport Midstream Company Limited on an amended six-count charge bordering on dishonesty and the alleged conversion of $35 million linked to an NCDMB project.
Testifying as the fourth prosecution witness (PW4), Isaac Yalah, a former Director of Finance and Personnel as well as former Director of Planning, Research and Statistics at NCDMB, told the court that the board had officially complained about the failure of Atlantic International Refinery and Petrochemical Limited to hold board meetings.
During cross-examination by counsel to the first and second defendants, E. O. Adekwu, SAN, Yalah explained that while board meetings were initially held regularly at the commencement of the project, the situation later changed when several board members resigned.
“At the initial start of the project, board meetings were held regularly to update the board members on the progress of the project until a time when many of the board members resigned. Thereafter, there were no regular meetings as expected,” the witness said.
He added that the NCDMB subsequently made official complaints regarding the lack of board meetings and delays in the execution of the project.
According to him, the board formally communicated its concerns to the first defendant in February 2023 through a communiqué.
“I recall specifically in early February 2023, we made a communiqué to the first defendant. When I said ‘we,’ I meant the NCDMB. The complaint raised was in accordance with Exhibit E,” he told the court.
Yalah further explained that the complaint regarding the absence of board meetings was conveyed through an official letter written on the NCDMB letterhead and addressed to the first defendant in his capacity as Chairman and Managing Director.
The witness also revealed that the board had serious concerns about the financial viability of the project.
Following the proceedings, Justice Akpan adjourned the case until March 10, 2026 for continuation of cross-examination.
