EFCC Grills Managing Director, Paramount Energy Limited For Alleged N72.3m Fraud In Enugu

Operatives of the Enugu Zonal Directorate of the Economic and Financial Crimes Commission, EFCC have commenced investigations into the activities of one Ralph Chinazum Ajah, Managing Director, Paramount Energy Limited for an alleged case of obtaining by false pretence and stealing to the tune of N72, 300, 000. 00 (Seventy two million, Three Hundred Thousand Naira).

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A petitioner alleged that he sent the said sum to Ajah for the supply of petroleum products to some of his branches. The said money was paid in six tranches between April 11, 2022 and May 24, 2022.

“After he collected the money, he kept promising to supply the products as agreed but failed to do so which then prompted us to do preliminary investigations and we discovered that Chinazumah Ajah and his company do not have the capacity to supply the products and he deliberately defrauded us of our business capital”, the petitioner said.

EFCC

However, investigations revealed that the suspect used the account of his company, Paramount Energy Limited, to receive the said sum after which he transferred the money into his account for personal use.

The suspect will be charged to court as soon as investigations are concluded.

EFCC Not Only Fights Fraudsters, It Also Commends Upright Nigerians, Says Olukoyede

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ola Olukoyede has disclosed that the Commission places a premium on commending upright Nigerians for upholding anti-corruption values as well as holding fraudulent ones accountable for their criminal engagements.

He made this disclosure in Abuja on Wednesday, April 29, 2026 while making a speech at the Business Grant Award Ceremony convened by the Jerry Eze Foundation. The EFCC boss narrated how the Commission investigated Pastor Jerry Eze , Founder of Streams of Joy International for money laundering for six months and found out that he was not involved in any form of financial crime. “ I want to let Nigerians know that EFCC is not just about investigating and prosecuting fraudsters, it is also appreciating and commending Nigerians who are not involved in any form of economic and financial crimes.

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I commended Pastor Jerry Eze when our investigations showed that he was not involved in money laundering”, he said.

He warned religious leaders against corrupt practices, stressing that integrity should be the watchword of adherents of every religion.

On the 240 small-scale business owners that the Jerry Eze Foundation supported with a grant of $3000 each, the anti graft leader pointed out that such a gesture was a good way of making statement about impact and nation building, stressing that Nigerians should always strive to make such a statement by impacting lives around them.

He commended President Bola Tinubu for allowing the EFCC to release N100billion from its Recovery Account to the Nigerian Education Loan Fund and Nigerian Consumer Credit Corporation as seed capital for their take-off.

Olukoyede

“Now, we are working on a Cyber Crime Research Centre to empower our youth in the area of information technologies for the optimization of their talents. We believe that our youths can deploy their talents to socially-beneficial purpose”, he said.

Alleged $6.23m Fraud: Police Commissioner Confirms Emefiele Approved Payment To Foreign Election Observers

A Commissioner of Police, Eloho E. Ekpoziakpho, on Tuesday, April 28, 2026, told a Federal Capital Territory, FCT, High Court, Maitama, Abuja, that investigations into the alleged fraudulent withdrawal of $6.23 million from the Central Bank of Nigeria, CBN, revealed that the payment was made with the approval of former CBN Governor, Godwin Emefiele.

Ekpoziakpho, who testified as Prosecution Witness 14, PW14, before Justice Hamza Mu’azu, stated this while giving evidence in the ongoing trial of Emefiele on an amended 20-count charge bordering on criminal breach of trust, forgery, abuse of office and conspiracy to obtain by false pretence.

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The witness, a Commissioner of Police in charge of the Special Fraud Unit, Lagos, said he previously served at the Force Intelligence Department where his duties included intelligence gathering on economic sabotage, terrorism financing and related offences.

Led in evidence by the prosecution counsel, Rotimi Oyedepo SAN, the witness told the court that he participated in the interrogation of the defendant alongside Jim Obazee, the special investigator who led the defendant’s investigation.

“In the course of the investigation, we got intelligence on the 6.23 million dollars that was fraudulently taken from the CBN branch in Abuja that had the governor’s approval when the defendant was the governor. We did an investigation and that was what led to his interrogation. The defendant was investigated,” he said.

Ekpoziakpho further stated that investigations revealed that the money was fraudulently taken, adding that some suspects interrogated during the investigation confessed, while the Office of the Secretary to the Government of the Federation, SGF, denied requesting payment for foreign election observers.

The witness also identified a document said to have emanated from the SGF and purportedly conveying the approval of former President Muhammadu Buhari for the payment.

Explaining Exhibit PD6, the witness said it was a letter forwarding the President’s approval from the SGF for the CBN to pay $6.23 million to foreign election observers dated January 26, 2023.

He further stated that the document was addressed to Emefiele in his capacity as Governor of the CBN.

“Our findings relating to that document showed that it was honoured. It was treated and the money was paid. We recovered the document from the CBN where the money was cashed,” he said.

The witness also identified Exhibit PD1 as the details of the payment made in dollars, stating that the amount paid was $6.23 million on February 8, 2023.

He further described Exhibit PD2 as a memo from the Director of Banking Services, CBN Abuja, conveying approval and instructing that the $6.23 million be paid.

At that point, defence counsel, Matthew Burkaa, SAN, objected in line with Section 128 of the Evidence Act, arguing that the witness could not give evidence on documents supplied by the prosecution.

Responding, Oyedepo, SAN, argued that the documents being referred to had already been admitted in evidence before the court.

“With profound respect, I have a burden and I urge my learned friend to allow me and my team discharge our duties properly.

Emefiele

We cannot allow the witness to give evidence without backing it up with documents. Section 128 they have referred to did not prevent a witness from giving oral evidence explaining the document in line with the case before the court. That section did not prevent explanation from the document by the investigator,” he said.

In his ruling, Justice Mu’azu held that since the documents were already before the court, the witness could be asked questions on them but could not delve into the contents of the documents.

Earlier in the trial, the witness identified the defendant and also confirmed that he knew Jim Obazee, whom he described as a special investigator appointed by the President to investigate the CBN.

According to him, Obazee requested police officers from the Nigeria Police Force to assist in carrying out the assignment.

“As the officer who led other officers in the special investigation, I assisted in taking statements, interrogating persons who were complicit in one way or another. I also provided intelligence to aid our work,” he said.

The judge thereafter adjourned the matter till July 2 and 3, 2026 for continuation of trial.