ALLEGED $35M NCDMB PROJECT: WITNESS TESTIFIES AKINTOYE’S COMPANY DEFAULTED ON BOARD MEETINGS
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By Aishat Momoh. O.
The trial of Akindele Akintoye over alleged mismanagement of $35 million NCDMB Project continued on Monday, March 9, 2026, before Justice Ekerete Akpan of the Federal High Court, Abuja.
During proceedings, the Fourth Prosecution Witness (PW4), Isaac Yalah, told the court that the Nigerian Content Development and Monitoring Board (NCDMB) formally complained to Akintoye about Atlantic International’s failure to convene board meetings and report on project outcomes.
Yalah, a former NCDMB Director of Finance and Personnel and also former Director of Planning, Research and Statistics, said the complaint was communicated to the defendant in February 2023. He explained that while board meetings were held regularly at the start of the project, many board members later resigned, resulting in irregular meetings.
He testified: “At the initial start of the project, board meetings were held regularly to update the board members of the project until such a time where a lot of the board members resigned, so there were no regular meetings as mentioned. At that time, official complaints were made.”
The witness further stated that the complaint, formalised in a communique on NCDMB letterhead, highlighted concerns over both the delay in executing the project and the lack of board meetings. He also noted that NCDMB was “severely bothered by the financial viability of the project.”
Akintoye, along with Platforms Capital Investment Partners Limited and Duport Midstream Company Limited, is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on six amended counts relating to dishonesty and conversion of $35 million belonging to the NCDMB Project.
Cross-examination of the witness by counsel for the first and second defendants, E.O. Adekwu, SAN, continued throughout Monday, and Justice Akpan adjourned the matter to March 10, 2026, for continuation of cross-examination.
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