EFCC Investigates Paramount Energy MD for N73.3m Fraud

The Economic and Financial Crimes Commission (EFCC) is interrogating Chinazumah Ajah, the Managing Director of Paramount Energy Ltd, regarding an alleged fraud amounting to N73.3 million. According to EFCC spokesperson Dele Oyewale, the investigation began after a petition was filed, claiming that Ajah obtained the funds under false pretenses.

The funds were reportedly paid in six tranches between April 11, 2022, and May 24, 2022, for the supply of petroleum products, which were never delivered. Preliminary investigations indicated that Ajah's company lacked the capacity to fulfill the supply agreement, leading to suspicions of deliberate fraud.

The investigation also uncovered that the funds were transferred to a personal account associated with Ajah. The EFCC has stated that charges will be filed in court once the investigation concludes.