Alleged N240bn Scam: Embattled Businessman, Akintoye Akindele Faces Class Action As 20 Victims Seek Justice

AISHA ABUBAKAR

More than 20 notable Nigerians are set to commence a class action against oil magnate and former Managing Director of Duport Midstream Company Limited, Akintoye Akindele, over alleged scam, running to over $150 million (over N240 billion).

A media practitioner, Mr. Lere Olayinka, who spoke on behalf of the victims disclosed that a senior lawyer based in Abuja has already been briefed to take action against the controversial businessman.

In recent time, Akindele, who is also the boss of Atlantic Refineries and Chairman of Platform Capital, has been in the eyes of storm with accusations and counter accusations bothering on misappropriation of funds, alleged shares racketeering, manipulating boards decision among other allegations.

On 1 March, 2024, Justice James Kolawole Omotosho of the Federal High Court in Abuja had ordered the remand of Akindele at the Kuje Correctional Centre in the nation’s capital.

Justice Omotosho ruled that Akindele should remain in custody till 20 March 2024, when the court will consider documents confirming the perfection of the bail granted him earlier.

However, this planned class suit is coming a few weeks before Akindele’s trial in Lagos for an alleged malfeasance involving the diversion of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Ltd, a company founded by the Late Philanthropist and Politician, Chief Moshood Kashimawo Abiola and also bribery of the Police with N150 million.

The trial, which was moved to Lagos from Abuja in May, this year, will begin in Lagos on 3 October.

Justice Omotosho had on 9 May, 2024, ordered that the trial of Akindele in the alleged $5.6m fraud be moved from Abuja to the Lagos division of the court.

Akindele and his company, the second defendant in the suit marked FHC/ABJ/CR/570/2023, were said to have committed the act between 2017 and 2021 when they allegedly converted the said sum received from Shell Petroleum Company into personal use.

Similarly, the oil magnate is also facing prosecution for allegedly bribing the police with N150 million to stall their further investigation of the case.

His trial for the alleged N150 million bribery will also commence in Lagos on 29 October 2024.

P.M.EXPRESS learnt that victims of Akindele’s various scams he allegedly perpetrated in the past have decided to take him head on for justice.

According to Olayinka, one of the victims, who is a notable player in the oil & gas industry initiated the move for the class action.

He opened a WhatsApp Platform to coordinate other victims.

Akindele’s trouble started early in the year when he was arrested by the Police in Abuja for allegedly fleecing Duport Midstream Company Limited of $25 million, part of which a sum of $5.6 million belonged to Summit Oil International.

Ever since, he has been in and out of the court.