The Economic and Financial Crimes Commission (EFCC) has launched an investigation into the Managing Director of Paramount Energy Ltd., Chinazumah Ajah, over an alleged fraud involving N72.3 million.
The development was disclosed in a statement issued in Abuja by the EFCC’s spokesperson, Dele Oyewale, who said the suspect was interrogated over allegations bordering on obtaining by false pretence and stealing.
According to the anti-graft agency, the case stems from a petition submitted by a complainant who alleged that he transferred the sum of N72.3 million to Ajah for the supply of petroleum products to several of his business outlets.
The payments, the petitioner claimed, were made in six tranches between April 11, 2022 and May 24, 2022, based on an agreement that the products would be delivered within a specified timeframe.
However, the complainant alleged that after receiving the funds, the suspect repeatedly failed to fulfill the terms of the agreement, instead offering assurances and promises that did not materialize.
“A petitioner alleged that he sent the said sum to the suspect for the supply of petroleum products to some of his branches,” Oyewale said in the statement.
“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 preliminary investigations.”
The petitioner further claimed that findings from initial inquiries indicated that Ajah and his company lacked the operational capacity to supply the petroleum products as agreed, suggesting that the transaction may have been fraudulent from the outset.
“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 was quoted as saying.
EFCC investigations, according to Oyewale, revealed that the suspect received the funds through the corporate account of Paramount Energy Ltd. before allegedly diverting the money into his personal account.
He stated that the funds were subsequently used for personal purposes, rather than for executing the contract as initially agreed.
The anti-corruption agency noted that the investigation is ongoing and that further actions would be taken based on the outcome of its findings.
Oyewale added that the suspect would be formally charged to court upon the conclusion of investigations, in line with due process.
The case highlights ongoing efforts by the EFCC to clamp down on financial crimes, particularly those involving fraudulent business transactions and abuse of trust in commercial dealings.
Observers say such cases underscore the importance of due diligence in business transactions, especially in high-value deals involving supply agreements and advance payments.
As the investigation progresses, the EFCC is expected to gather additional evidence to establish the full scope of the alleged fraud and determine the appropriate charges.
No official response had been issued by Ajah or Paramount Energy Ltd. as of the time of filing this report.
