“Fraud Allegations Untrue” Dr Akintoye Akindele Opens up on Business Dispute With Abiola Family

Dr Akintoye Akindele the Managing Director/Chief Executive Officer of Duport Midstream Company Limited has briefed the public on his previous business dispute he had with the family of the late MKO Abiola that led to his arrest by the police.

He made this announcement in a just-released video where he stated categorically that his business rivals are trying to put false allegations relating to fraud. He cleared his name saying that he is not guilty nor is he related to any fraud case ever.

He was invited by the police over a dispute against him by Summit Oil, a company owned by the family of the late MKO Abiola.

X user reports,

In the video which was transcribed, he said,

• It’s about a business dispute with my former partners and a notable family in Nigeria, the Abiola family, which the police are already investigating and they will get to the bottom of it eventually.

• I believe in the rule of law and that is why I have not said anything on the matter. People that are discerning, when they hear fake news, will know it.

Also, Dr. Akintoye Akindele has been granted a N500 million bail by the High Court of the Federal Capital Territory in Maitama after he was accused of having issued a N50 million bribe to officers of the Nigerian Police Force—after he met bail conditions, he was released.

Throwing more light on the issue, one of Akindele's legal team, Pelumi Olajengbesi has this to say,

• For us, the matter is essentially a civil dispute but in Nigeria some influential people prefer to criminalize civil matters believing that they can use the instrumentality of the Nigeria Police to achieve their motives speedily. Of course, the Police will do their job but the law will run its course.

• This matter is just about a Claim for Shortfall in Supply of Condensate issued on the 3rd September 2021 by Duport Midstream Company Limited, Dr. Akindele Akintoye’s Company for the sum of $9,806,309.77 (Nine Million, Eight Hundred and Six Thousand, Three Hundred and Nine Dollars, Seventy-Seven Pence) against the Abiola’s family for failure in the supply of crude to the company.

• Further to the above, the parties met severally and reconciled the outstanding amounts owed by both sides with the Abiola family owing Duport Midstream Company Limited, Our Client, the sum of $9,806,309.77 (Nine Million, Eight Hundred and Six Thousand, Three Hundred and Nine Dollars, Seventy-Seven Pence) as at August 2021.

• While the Abiola family is also making claims and refused to continue the supply of crude, Akindele’s refinery sought alternative crude supply to enable the company to carry out its mandate.

• Dissatisfied with the action, the Abiolas by a letter dated 2nd June 2023 claimed that Duport Midstream Company Limited is indebted to their company for $5,732,407.14 (Five Million, Seven Hundred and Thirty-Two Thousand, Four Hundred and Seven Dollars, Fourteen Pence).

• After the demand letter, they sought the intervention of the Police and this necessitated their petition to the Nigeria Police despite being aware of Suit No. FHC/L/CS/729/2023 on the subject matter in court and having instituted another suit also on the matter.

• This is a simple commercial dispute within the oil and gas industry and parties are bound to respect the decency of business engagement. All other stories are pettiness which we will engage with a full measure of the law.