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Court Remands Oil Magnate Akindele in Abuja Prison

Justice James Omotosho of the Federal High Court in Abuja has directed the Managing Director and Chief Executive Officer (MD/CEO) of Duport Midstream Company Limited, Mr. Akintoye Akindele, to be remanded in the Kuje Correctional Center, Abuja.

Akindele will remain in custody until March 20, when the court will review documents confirming the fulfillment of the bail conditions previously granted to him.

On March 1, the court had granted him bail in the sum of N750 million with two sureties in similar amounts, following his arraignment on allegations involving fraud amounting to $5.6 million.

Justice Omotosho, when granting the bail, specified that the defendant must satisfy all bail conditions on or before March 8. The trial was then adjourned to commence on March 15.

Among the conditions set, the two sureties are required to possess landed property within the court’s jurisdiction. Additionally, the sureties, who must provide sworn affidavits of their financial means, are to deposit their bank statements with the court’s Registrar.

Noting that the defendant had come to court from his residence, Justice Omotosho allowed him to enjoy the bail previously granted by the FCT High Court until March 8. However, he reiterated that failure to meet the new bail conditions by March 8, 2024, would result in the defendant’s remand.

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