How Nigerian Entrepreneur Akintoye Akindele Was Arrested in Oil Payment Scandal
Home Business How Nigerian Entrepreneur Akintoye Akindele Was Arrested in Oil Payment Scandal
Business - August 2, 2023

How Nigerian Entrepreneur Akintoye Akindele Was Arrested in Oil Payment Scandal

Akintoye Akindele, a prominent Nigerian serial entrepreneur renowned for his significant contributions to the African private equity industry, has recently been apprehended by the Nigerian authorities. He faces charges related to the alleged fraudulent diversion of payment for crude oil supplied to Duport Midstream Company.

Akintoye Akindele, the CEO of Duport Midstream Company, was arrested after receiving an invitation from the police to explain the alleged sale and payment transactions related to crude oil. Duport Midstream Company’s primary objective is to advance sustainable and impactful energy production and consumption across Africa. The arrest comes as part of the ongoing investigation into these matters.

Allegedly, Akindele, the founder, and managing partner of Platform Capital Group, an investment firm focused on growth markets, left the country without providing a response to the police invitation. As a consequence, he was subsequently arrested by the authorities.

Akindele past allegation

Apart from the existing charges, Akindele is also under investigation based on a separate petition lodged by concerned shareholders of Duport Midstream Company Limited. The petition accuses him of misappropriating millions of dollars of the company’s funds. This new allegation has added to the ongoing scrutiny and legal challenges he is facing.

According to sources familiar with the situation, Akindele admitted to receiving the funds in question but has declined to provide a detailed account of how they were used. Moreover, he is alleged to have actively resisted all attempts by the board-appointed forensic auditor to examine the company’s financial records for potential discrepancies. 

What you should know about Akindele

Akindele, recognized as an entrepreneur, venture capitalist, and lecturer, has held notable positions in numerous global companies. In addition to his role as CEO of Duport Midstream Company, he serves in various leadership capacities, including as chairman and CEO of Atlantic International Refineries & Petrochemicals Limited, co-chairman of Liquidity Club, and director of Koniku Inc., USA, among other significant roles.

The public raised their concerns

The Nigerian business community has been shaken by his arrest, sending shockwaves throughout the industry. Industry experts and stakeholders are closely following the case as authorities strive to unravel the truth behind the alleged fraudulent activities. The outcome of the investigation is being closely watched by many, given Akindele’s prominent roles and reputation in the business landscape.

As of now, Akindele’s legal representatives have refrained from making any public statements regarding the matter, and the Nigerian police have not provided further information regarding the ongoing investigation. The situation remains shrouded in uncertainty as authorities continue their inquiry.

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