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Money Laundering: EFCC Arraigns Businessman Akindele Akintoye For $35m Fraud—-The Economic and Financial Crimes Commission, EFCC, on Monday, December 24, 2024, arraigned a businessman, Akindele Akintoye before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, on charges bordering on money laundering and contract fraud.

Akintoye allegedly collected $35million from the Nigeria Content Development and Monitoring Board to build a 2000 barrel- per -day refinery, jetty, gas plant, data centre, and tank farm at Brass Free Trade Zone, Okpoama community in Brass Local Government Area of Bayelsa State.

He allegedly mooted the idea of the project to the Board and the NCDMB embraced it with a counterpart funding to the tune of $35million. He allegedly received the funds through the bank account of Atlantic International Refinery and Petrochemical Limited and funneled the funds into four of his companies: Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd and Bureau de Change outlets

At the court sitting on Monday, EFCC counsel, Ekele Iheanacho, SAN, told the court that the defendant faced a four-count charge filed on November 19, 2024, and requested that the charges be read to the defendant.

One of the counts read: “That you, Akindele Akintoye, and Platform Capital Investment Partners Limited, between December 2020 and February 2021, within the jurisdiction of this Honourable Court, indirectly retained the sum of $16,006,000 (Sixteen Million, Six Thousand United States Dollars), being part of the funds dishonestly converted from the money paid by the NCDMB to Atlantic International Refinery and Petrochemical Limited as investment, knowing the said sum constituted proceeds of unlawful activity, thereby committing an offence contrary to Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012) and punishable under Section 15(3) of the same Act.”

The defendant pleaded “not guilty” after the charges were read to him.

In view of his “not guilty” plea, Iheanacho requested the court to remand Akintoye in a Correctional Centre and sought a trial date.

However, counsel to the defendant, Emmanuel Esadio, applied for bail, stating that the application was filed and served on the prosecution.

Justice Nwite, in his response, emphasized the importance of allowing the prosecution to respond to the bail application, noting that the law requires a 48-hour period before a bail application can be considered.

“Justice is tripartite, to the accused, the defendant, and society. I cannot shut out the prosecution, they must be heard,” the Judge said.

Esadio further requested that the defendant be remanded in EFCC custody, citing his client’s health issues and the need for easy access to legal counsel.

But Iheanacho opposed the request, arguing that the EFCC lacked adequate facilities and that Akintoye had demonstrated untrustworthiness, including allegedly retrieving his international passport after claiming it was in court custody.

“The defendant cannot be trusted. He has shown tendencies that suggest he may commit another crime. Additionally, there is no medical evidence before the court to support claims of ill health,” Iheanacho submitted.

After considering the arguments, Justice Nwite ordered Akintoye’s remand at the Kuje Correctional Centre and adjourned the matter till December 31, 2024, for hearing on the bail application.

source: daylight.ng

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JUST IN: FG Cracks Down on Honorary Degree Abuse, Bans Use of ‘Dr’ Title

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FG Cracks Down on Honorary Degree Abuse

JUST IN: FG Cracks Down on Honorary Degree Abuse, Bans Use of ‘Dr’ Title—-Government says honorary doctorate holders who present themselves as academic doctors risk legal and reputational consequences

The Federal Government has announced a nationwide ban on the use of the “Dr” title by recipients of honorary doctorate degrees in official, academic, and professional settings.

The directive was unveiled on Wednesday by the Minister of Education, Tunji Alausa, during a briefing with State House correspondents at the Presidential Villa, Abuja.

Speaking alongside the Minister of State for Education, Suwaiba Ahmad, Alausa disclosed that the Federal Executive Council (FEC) had approved a new uniform policy regulating the award and usage of honorary degrees by Nigerian universities.

According to the minister, the move is intended to curb what the government describes as years of abuse, politicisation, and commercialisation of honorary academic awards.

“The recent trend we’ve seen with the award of honorary degrees has revealed a growing abuse and politicisation of this academic privilege,” Alausa said.

He noted that honorary awards have increasingly been used for political patronage, financial influence, and recognition of serving public office holders—practices he described as inconsistent with the ethical principles guiding honorary degrees.

Under the newly approved policy, recipients of honorary doctorates are no longer permitted to prefix “Dr” to their names. Instead, they must clearly indicate the honorary nature of the award by placing the designation after their names.

For example, recipients may use formats such as Chief Louis Clark, D.Lit. (Honoris Causa) or Mrs Miriam Adamu, LL.D. Hons.

Alausa stressed that misrepresenting honorary degrees as academically earned qualifications will now be regarded as academic fraud and may attract both legal and reputational consequences.

The government also introduced stricter rules on the categories of honorary degrees Nigerian universities are allowed to confer. Institutions will now be limited to only four honorary degree types:

  • Doctor of Laws (LL.D)
  • Doctor of Letters (D.Lit)
  • Doctor of Science (D.Sc)
  • Doctor of Humanities (D.Arts)

In addition, universities that do not operate active PhD programmes will no longer be allowed to award honorary doctorates.

The policy is expected to significantly affect public figures, politicians, entertainers, religious leaders, and business personalities who commonly adopt the “Dr” title after receiving honorary recognitions.

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BREAKING: PSG Set Up Arsenal Champions League Final After 6-5 Aggregate Win Over Bayern Munich

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PSG Set Up Arsenal Champions League Final

BREAKING: PSG Set Up Arsenal Champions League Final After 6-5 Aggregate Win Over Bayern Munich—-Reigning European champions Paris Saint-Germain have secured their place in yet another UEFA Champions League final after overcoming Bayern Munich in a fiercely contested semi-final clash.

Paris Saint-Germain have booked their place in the 2026 UEFA Champions League final after edging Bayern Munich 6-5 on aggregate in a dramatic semi-final clash.

The decisive moment came early in the second leg, when Ballon d’Or holder Ousmane Dembélé fired home from close range after being picked out by Khvicha Kvaratskhelia, giving PSG a crucial lead that ultimately proved to be the winner.

Despite the fast start, the game soon became defined as much by controversy as by clear-cut chances. Bayern were left frustrated after Nuno Mendes appeared to handle the ball while already on a booking, but the referee opted against issuing a second yellow card.

Further anger followed when another potential handball incident involving João Neves went unpunished, with officials ruling that the ball had deflected off a teammate in the build-up—therefore not meeting the criteria for a penalty.

Bayern, managed by Vincent Kompany, dominated large periods of the match and created several opportunities. Michael Olise and Jamal Musiala both came close, while goalkeeper Matvéi Safonov was called into action multiple times.

The German side eventually found the net through Harry Kane in stoppage time, but it proved too little, too late as PSG held on to secure their place in the final.

The result extends Bayern’s wait for another European title to six years, while PSG now have the opportunity to win back-to-back Champions League trophies, just a year after claiming their first.

Attention now turns to the final on May 30, where PSG will face Arsenal. The showdown promises high stakes, with either a historic first Champions League title for Arsenal or consecutive triumphs for the French giants on the line.

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