Alleged $5.6m Fraud: Court Remands Oil Magnate, Akindele, In Prison

A Federal High Court in Abuja has remanded a businessman, Akintoye Akindele, in the Nigerian Correction Centre in Kuje, FCT over alleged $5.6 million fraud.

Justice James Omotosho on Friday ordered the remand of Akindele, who is the Managing Director and Chief Executive Officer (MD/CEO) of Duport Midstream Company Limited, until March 20 when his bail documents would be considered.

The court had earlier on March 1 admitted Akindele to bail in the sum of N750m with two sureties in like sum, shortly after he was arraigned on allegations bordering on fraud to the tune of $5.6m.

Justice Omotosho, in granting the bail application, directed Akindele to comply with the terms by March 8.

The court had earlier on March 1 admitted Akindele to bail in the sum of N750m with two sureties in like sum, shortly after he was arraigned on allegations bordering on fraud to the tune of $5.6m.

Justice Omotosho, in granting the bail application, directed Akindele to comply with the terms by March 8.

In the four-count charge brought against him by the office of the Inspector-General of Police, Akindele was accused of diverting the sum of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Ltd.