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Friday, August 4, 2023

Nigerian tycoon and Platform capital boss Akintoye Akindele arrested over alleged fraud

Akintoye Akindele, a Nigerian serial entrepreneur known for his key role in the African private equity space, has been arrested by the Nigerian police on charges of fraudulent diversion of payment for crude oil supplied to Duport Midstream Company. 

The arrest follows an invitation by the police to account for the alleged sale and receipt of payment for crude oil in his capacity as CEO of Duport Midstream Company, which aims to promote sustainable and impact accretive energy production and consumption in Africa.

Akindele, who is the founder and managing partner of Platform Capital Group, a growth markets-focused investment firm, reportedly left the country without responding to the police invitation, leading to his subsequent arrest.

In addition to the current charges, he is under investigation based on a separate petition filed by concerned shareholders of Duport Midstream Company Limited, accusing him of misappropriating millions of dollars of company funds.

Sources close to the matter disclosed that Akindele acknowledged receiving the funds in question but has refused to provide an account of their usage. He is alleged to have resisted all efforts by the board-appointed forensic auditor to scrutinize the company’s financial records for discrepancies.

As an entrepreneur, venture capitalist, and lecturer, Akindele has held significant positions in various companies across the world.

Besides being the CEO of Duport Midstream Company, he also holds leadership roles such as chairman and CEO of Atlantic International Refineries & Petrochemicals Limited, co-chairman of Liquidity Club, and director of Koniku Inc., USA, among others.

His arrest has sent shockwaves through the Nigerian business community, and industry experts and stakeholders are closely monitoring the case as authorities aim to uncover the truth behind the alleged fraudulent activities.

Akindele’s legal representatives have not issued a public statement regarding the matter, and the Nigerian police have not disclosed additional details about the ongoing investigation.

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