EFCC Investigates Paramount Energy MD for N72.3m Fraud

The Economic and Financial Crimes Commission (EFCC) has commenced an investigation into Ralph Chinazum Ajah, the Managing Director of Paramount Energy Limited, for an alleged fraud amounting to N72.3 million. The investigation was initiated following a petition that accused Ajah of obtaining money under false pretenses.

The allegations state that Ajah received payments in six tranches between April 11, 2022, and May 24, 2022, for the supply of petroleum products but failed to deliver as promised. Preliminary investigations revealed that Ajah's company lacked the capacity to supply the products, indicating a deliberate attempt to defraud the complainant.

Further inquiries uncovered that funds were transferred from Paramount Energy Limited's account to a personal account, leading to the suspicion of fraudulent activity. The EFCC has indicated that charges will be brought against Ajah in court once the investigation concludes.