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Platform Capital Chairman Dr. Akintoye Akindele Arrested For Alleged Fraud

August 18, 2023
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Platform Capital Chairman Dr. Akintoye Akindele Arrested For Alleged Fraud

Dr. Akintoye Akindele, the Chairman of Platform Capital, has been taken into custody by the Nigeria Police Force on charges of fraudulent activities.

The allegations revolve around the diversion of payments for crude oil supplied to Duport Midstream Company Limited, a case that has garnered attention due to its multi-dimensional implications.

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Akindele’s ordeal began with an invitation from the Nigeria Police Force, which he reportedly ignored by leaving the country. The allegations against him state that he sold crude oil to Duport Midstream Company Limited and received payment for it, but failed to account for the transaction when confronted.

Furthermore, Akindele is under investigation following a separate petition from concerned shareholders of Duport Midstream Company Limited. The petition alleges misappropriation of company funds running into millions of dollars.

At the heart of the investigation lies Dr. Akindele’s dual role as the interim Managing Director of Duport Midstream Company Limited. While he admitted to receiving the funds, he purportedly refused to provide an explanation for their use.

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Concerns were raised about his resistance to the company-appointed forensic auditor’s attempts to scrutinize the financial records for any discrepancies.

Currently in police custody, Akindele faces a challenging road ahead as the legal process unfolds. The investigation seeks to determine the extent of his involvement in the alleged fraudulent activities and whether his actions indeed led to the diversion of funds meant for the crude oil transactions.

In a surprising turn of events, the arrest also casts a shadow over Akindele’s recent personal celebrations. Just a month ago, he tied the knot with Dark Chocolate in an extravagant wedding ceremony held in the Maldives. However, these festivities are now overshadowed by the serious legal troubles he is facing.

In the midst of this unfolding drama, a connection has emerged with the Nigerian music industry. Eldee Tha Don, a prominent figure in the music scene, has come forward to shed light on Akindele’s alleged involvement in a deal that caused significant harm to his music business plans.

Eldee, who was at the helm of Trybe Records, a label that nurtured notable artists and producers, revealed in an interview that Akindele, operating under the guise of a venture capital company, orchestrated a scheme that ultimately derailed his music enterprise.

According to Eldee, Akindele’s venture capital company, Synergy Capital, purportedly approached Trybe Records with promises of funding and partnership to expand the label’s network. Eldee accepted the proposal, expecting a much-needed boost for his music ventures.

However, he claims that Akindele and his associates leveraged the venture capital vehicle to collect funds from investors while failing to inject the promised capital into the label. Eldee found himself shouldering financial burdens and navigating challenges without the anticipated support.

The revelations shared by Eldee paint a disturbing picture of how Akindele’s alleged actions affected the lives of artistes, staff, vendors, and businesses associated with Trybe Records and its expansion project IMAN Entertainment.

Eldee recounts the personal toll of having to dip into his own accounts to sustain the venture, strained relationships, and emotional stress due to the alleged deceitful dealings.

Somto Bisina
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Somto Bisina

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