The Economic and Financial Crimes Commission (EFCC) has commenced the trial of oil magnate Dr. Akintoye Akindele and two companies over an alleged $35 million fraud involving funds from the Nigeria Content Development and Monitoring Board (NCDMB).

The trial, which began on Tuesday at the Federal High Court in Abuja, involves allegations that Akindele and his co-defendants converted funds meant for establishing a modular refinery and jetty in Brass, Bayelsa State.

According to the EFCC, the funds were originally paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as investment for developmental projects in Bayelsa State.

The other defendants in the case (FHC/ABJ/CR/641/2024) are Platform Capital Investment Partners Ltd and Duport Midstream Company Ltd. Akindele pleaded not guilty to the charges and was granted bail to prepare for his defense.

During Tuesday's proceedings, the prosecution presented its first witness, Isreal Sunny Goli, a former member of the Bayelsa State House of Assembly. Goli testified that he had petitioned the EFCC after observing that no significant progress had been made at the project site 24 months after funds were disbursed.

"The NCDMB secretary had informed us that the sum of $30 million for the project had been paid in full, but unfortunately nothing tangible was done at the project site," Goli stated during his testimony.

Under cross-examination by Akindele's lawyer, Chief A.O. Okeaya-Inneh, SAN, the witness maintained that beyond clearing the project site and constructing a non-functional jetty, the funds appeared to have been misappropriated. He added that the caravans meant to accommodate staff at the site "have been overtaken by reptiles."

The witness also disputed claims that security challenges in Brass might have hampered the project's progress, stating there were no security issues in the area during the relevant period.

According to the charge sheet, Akindele and Platform Capital Investment Partners Ltd allegedly retained $16,006,000 between December 2020 and February 2021, while also using $9,048,725 from the converted funds. Additionally, Akindele and Duport Midstream Company Ltd are accused of retaining $784,681 and $220,000 from the same source.

The prosecution alleges these actions violate section 15(2)(d) of the Money Laundering Prohibition Act, 2011 as amended.

Justice Ekerete Akpan adjourned the case until July 10 and 15 for continuation of trial, after the prosecution requested time to present its second witness.

An application by Akindele's counsel seeking permission for the defendant to travel abroad for medical checkups could not proceed as the prosecution's counter-affidavit was not before the court.