A Federal High Court in Abuja has granted bail to Lagos businessman and Chairman of Platform Capital Investment Partners Limited, Akindele Akintoye, at N500 million with two sureties in a like sum.

Akintoye and two firms are being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a four-count charge, in which they are, among other things, accused of diverting $26,060,406.00 meant for the construction of a refinery in Brass, Bayelsa.

Justice Emeka Nwite, in a ruling on Wednesday, stated that although he acknowledged the serious nature of the charges against Akintoye, he would grant bail in the interest of justice.

Justice Nwite ordered that the two sureties must, among other things, own landed property within the jurisdiction of the court, the documents for which should be deposited with the court?s Deputy Registrar.

The judge also ordered Akintoye to deposit his international passport with the court?s Registrar and not to travel abroad without the court?s permission.

He adjourned until March 4 for the commencement of the trial.

Akintoye is being prosecuted alongside Platform Capital Investment Partners Limited and Duport Midstream Company Limited (where he is also the Managing?Director and Chief Executive Officer).

In count one of the charges marked: FHC/ABJ/CR/641/V/2024, Akintoye and Platform Capital were alleged to have, between December 2020 and February 2021, indirectly retained $16m, which is said to be part of the funds dishonestly converted from the money paid by the Nigerian Content Development and Monitoring Board (NCDMB) Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as an investment.

In count two, Akintoye and Platform Capital were alleged to have, between December 2020 and January 2021, indirectly used the aggregate sum of $9,048,725, being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as an investment.

In count three, Akintoye and Duport Midstream Company Limited were alleged to have, sometime in March 2021, retained the sum of $785,681, being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemicals Limited as an investment.

In count four, Akintoye and Duport Midstream are accused of retaining the sum of $220,000, being part of the funds dishonestly converted from the money paid by the NCDMB Capacity Development Intervention Company Ltd to Atlantic International Refinery and Petrochemical Limited as an investment. (The Nation)