$35m NCDMB Project Scandal Deepens: No Evidence of Execution, Witness Tells Court as EFCC Probes Huge Disbursements

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The alleged $35 million Nigerian Content Development and Monitoring Board (NCDMB) project fraud involving Akindele Akintoye, Platforms Capital Investment Partners Limited, and Duport Midstream Company Limited resumed on Tuesday, December 2, 2025, before Justice Ekerete Akpan of the Federal High Court in Abuja, with startling revelations emerging in court.

At the resumed hearing, the Economic and Financial Crimes Commission (EFCC) presented its fourth witness, Isaac Yalah, a former Director of Finance and Personnel as well as former Director of Planning, Research and Statistics at NCDMB.

Akintoye and the two companies are facing a six-count amended charge bordering on dishonesty and conversion of $35 million meant for a critical NCDMB-backed project.

Testifying before the court, Yalah told the judge that there was no report from the defendants indicating that the project—expected to be completed in six milestones—had achieved even the first two stages.

“There was no official report to the NCDMB showing that milestones one and two had been executed,” he said.

He explained that the project account was opened in the name of Atlantic International Refinery with Zenith Bank, and that upon receiving the funds, the first defendant submitted a schedule outlining six project milestones.

According to the witness, the sum of $21.55 million—meant to cover milestones one and two—was transferred in December 2020 into the operational account of Atlantic International Refinery and Petrochemical Limited. On January 29, 2021, an additional $13.45 million was transferred as the second tranche for milestones three to six.

“The second tranche of $13.45 million was paid based on a verbal instruction from the then Minister of State for Petroleum Resources,” Yalah told the court.

When asked by prosecution counsel E.E. Iheanacho, SAN, whether any utilization report was submitted to NCDMB, the witness responded firmly: “There was no official report showing how the $21.55 million was spent.”

He added, however, that during internal board meetings of Atlantic International Refinery, some evidence of work—such as site sampling, renovation of a health centre and water system in Brass, power system payments, data centre works, and advance payments for refining—was presented. But none of these were formally reported to NCDMB as required.

“After the first disbursement, a conclusive report should have been submitted before releasing the second tranche. The report was necessary for accountability,” he said.

Yalah further revealed that the project was supposed to be completed within four months of disbursement but has remained uncompleted and abandoned.

“I am not aware of any request for variation in cost or any report submitted to NCDMB on the remaining milestones. As it stands, the project has been abandoned,” he added.

The witness also clarified that he was not a signatory to the operational account of Atlantic International Refinery and Petrochemical Limited, noting that only the first defendant and his management team controlled that account. He was only a signatory to the project account.

Justice Akpan adjourned the matter to December 3, 2025, for cross-examination of the witness.