Questions Arise Over Delayed Prosecution of Businessman Akintoye Akindele

The ongoing legal proceedings against businessman Akintoye Akindele appear to have stalled, raising questions about the status of the case.



Akindele faces multiple criminal investigations and is under scrutiny by the Economic and Financial Crimes Commission (EFCC), the Nigerian Senate, and the House of Representatives over a $35 million investment in his Atlantic Refinery project by the Nigerian Content Development and Monitoring Board (NCDMB).

Reports suggest that the refinery project may be a “white elephant” venture, with little to show for the significant investment. While initial interest in the case was high, progress seems to have slowed. Akindele is reportedly out of the country, citing medical treatment as the reason for his absence.



However, there have been multiple sightings of Akindele in various countries, raising doubts about his health claims. He was recently spotted in London’s West End and has also been seen in France and Portugal, where he reportedly attended a celebrity wedding.



Akindele is also accused of falsely telling people their funds were being invested in businesses. However, the money allegedly never reached the intended ventures.



Earlier this year, the Inspector General of Police filed a four-count charge against Akindele, accusing him of diverting $5,636,397.01 and N73,543,763.25 from Summit Oil International Ltd. The alleged offenses, detailed in the suit marked FHC/ABJ/CR/570/2023, occurred between 2017 and 2021.



In addition, Akindele was sued by the Nigerian Police Force for attempting to bribe the investigative team handling the case. He allegedly offered N150 million to officers investigating a petition submitted by Summit Oil International Ltd. regarding allegations of criminal conspiracy, diversion of funds, and theft.



In a related development, popular artist and entrepreneur Lanre Dabiri, also known as Eldee, shared his personal experience with Akindele in an interview with Teju Babyface. Eldee alleged that Akindele entered into a partnership with him to build an entertainment company, raised funds from investors, but never provided the money to the business. According to Eldee, the company collapsed due to lack of funding, while investors were told the venture had failed. Eldee claims this pattern has been repeated multiple times.



Akindele has also been accused of misleading young entrepreneurs by promising to raise funds for their businesses, only to take unpaid shares in these companies without delivering on his promises.



With Akindele currently on bail abroad and his legal proceedings in limbo, observers and those with vested interests in the case are questioning whether he will ever face justice. Many are calling for his prosecution to proceed and for him to be held accountable if found guilty of the numerous allegations against him.