Abuja CSO Backs Joint Suit Against Oil Magnate Akintoye Akindele, Offers Free Legal Service By 10 Lawyers

Abuja based Civil Society Organization (CSO), the Society for Rule of Law in Nigeria (SRLN) has described as a welcome development, plan by some notable Nigerians to jointly pursue a suit against Oil Magnate and former Managing Director of Duport Midstream Company Limited, Atlantic Refineries and Chairman of Platform Capital, Mr Akintoye Akindele, over alleged scam, running to over N240 billion.

SRLN, which offered free legal service of 10 lawyers who are its members, said it had received reports from some of the victims of the scams allegedly perpetrated by the said Akindele.

Rising from its meeting in Abuja on Sunday, SRLN, in a release signed by its Coordinator, Dr Chima Ubeku, said it was important for people like Akindele, not only to be tried for their alleged financial scams, but their victims must get adequate compensation.

The CSO, which alleged that Dr Akindele, was planning to relocate to Portugal where he has substantial in investments and his second wife currently lives, called on relevant security agencies to be on his trail.

The SRLN said it was also worried that the freedom he has enjoyed made it possible for him to pull through about $10 million Private Equity fund from Botswana.

We are particularly interested in his alleged roles in Synergy Private Equity Fund between 2015 and 2018 in which Akindele and his partner, Ayo Arogbo allegedly raised two private equity funds totaling $350 million.

Then, the funds were supposed to be invested in growth businesses, but he, instead started creating shell companies, investing the funds monies in them and taking the monies out back end. His partner reported this to the investors in the fund who asked him to resign and subsequently wound up the fund.

Today, in the venture capital and private equity space, Akindele is alleged as the man who single handedly nearly destroyed that market by making it near impossible for new entrants to raise Private Equity funds as investors are weary of Nigerians due to his scam.

Someone who by his activities created doubt in the minds of investors such that they began to doubt the sincerity of other genuine participants in the venture capital and private equity space should not be allowed the freedom to attract new victims.

While also offering to monitor the criminal trials of Akindele that is scheduled for commencement in Lagos on October 3 and 29, SRLN said its lawyers will freely provide necessary legal assistance to the prosecution team.

It should be recalled that Justice James Kolawole Omotosho of the Federal High Court, Abuja, on May 9, 2024, ordered that the trial of Akindele in an alleged $5.6m fraud be moved from Abuja to the Lagos division of the court.

Akindele and his company are standing trial on a four-count criminal charge bordering on alleged diversion of $5,636,397.01, and N73,543,763.25, belonging to Summit Oil International Ltd, founded by the Late Philanthropist and Politician, Chief Moshood Abiola. He is also facing prosecution for allegedly bribing the police with N150 million to stall their investigation.