EFCC grills Paramount Energy MD over N73.3m fraud

The Economic and Financial Crimes Commission (EFCC) says it has commenced investigations into the activities of the Managing Director of Paramount Energy Limited, Ralph Chinazum Ajah, over an alleged case of obtaining by false pretence and stealing to the tune of N72,300,000.

The EFCC disclosed this in a statement issued by its spokesman, Dele Oyewale, on Wednesday, April 29, 2026.

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

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“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.

The EFCC stated that investigations revealed that the suspect used the account of his company, Paramount Energy Limited, to receive the money after which he transferred it into his account for personal use.

The commission added that the suspect will be charged to court upon the conclusion of investigations.