Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has commenced a full-scale investigation into the activities of Ralph Chinazum Ajah, the Managing Director of Paramount Energy Limited, over an alleged case of obtaining money by false pretence and stealing amounting to N72,300,000 (Seventy‑Two Million, Three Hundred Thousand Naira).
Ajah was taken into custody by operatives of the anti‑graft agency on Wednesday, April 29, 2026, following a petition from a complainant who claimed to have transferred the substantial sum to him for the supply of petroleum products. The petitioner, whose identity has been shielded by the commission for security reasons, alleged that he sent the money to Ajah in six separate tranches between April 11, 2022, and May 24, 2022, to stock his business branches with petroleum products.
According to the petition, which is now the subject of intense scrutiny by investigators, the complainant had entered into a business agreement with Ajah and his company, Paramount Energy Limited, for the supply of petroleum products. “I sent the said sum to Ajah for the supply of petroleum products to some of my branches. The money was paid in six instalments between April and May 2022,” the petitioner stated.
“After he collected the money, he kept promising to supply the products as agreed but failed to do so. This prompted us to begin our own preliminary investigations, and we discovered that Chinazumah Ajah and his company do not have the capacity to supply the products. He deliberately defrauded us of our business capital.”
The allegations paint a picture of a carefully orchestrated scheme. The petitioner, convinced of Ajah’s representations about the company’s capacity to deliver petroleum products, parted with his capital over a six‑week period. However, each subsequent promise of delivery was followed by delays, excuses, and eventual silence.
When the petitioner began to suspect foul play, he conducted background checks and discovered that Paramount Energy Limited lacked the infrastructure, licensing, or operational history to fulfil an order of that magnitude. The discovery led him to approach the EFCC, which immediately initiated a preliminary inquiry that confirmed the petitioner’s suspicions.
EFCC investigators have since uncovered troubling evidence. According to a source within the commission who spoke on condition of anonymity because he was not authorised to speak to the press, the suspect did indeed receive the N72.3 million into the corporate account of Paramount Energy Limited. However, rather than using the funds to procure petroleum products or execute any legitimate business transaction, Ajah allegedly transferred the entire sum into his personal bank account.
From there, investigators believe, the money was dissipated for personal use. The source indicated that bank statements and transaction records have already been obtained by the commission, and forensic accountants are currently tracing the flow of the funds.
The suspect was interrogated for several hours at the EFCC’s Enugu Zonal Directorate headquarters on April 29. While the commission has not disclosed the details of his statement, a senior operative confirmed that Ajah failed to provide satisfactory explanations for the movement of the funds or any credible evidence of an attempt to supply the contracted petroleum products. He was subsequently detained pending further investigations. “We have reason to believe that the suspect acted with fraudulent intent from the very beginning,” the operative said. “He knew he could not supply the products, yet he collected the money and converted it to his personal use. That is a clear case of obtaining under false pretences.”
The case has drawn attention to the growing frequency of advance‑fee fraud and ‘supply‑and‑pay’ scams within Nigeria’s petroleum products marketing sector. With the deregulation of the downstream oil sector and the removal of fuel subsidies, many investors and small‑scale distributors have entered the market seeking opportunities. Fraudsters have exploited this influx of new entrants, often posing as established suppliers with access to subsidised or cheap products. In this instance, the complainant, acting in good faith, transferred nearly three‑quarters of a million naira to a company that, according to the EFCC, had no real capacity to deliver.
The EFCC, under the leadership of its Chairman, Ola Olukoyede, has intensified its crackdown on economic and financial crimes across the country, with a particular focus on the Enugu, Anambra, Imo, Ebonyi, and Abia states covered by the Enugu Zonal Directorate. In the first quarter of 2026, the commission recorded several convictions for fraud, money laundering, and misappropriation across the South‑East. The case of Ralph Chinazum Ajah, if proven, will add to that tally. Investigators have assured the petitioner that the case will be expedited and that charges will be filed as soon as the ongoing forensic audit is concluded.
Ajah remains in EFCC custody as of Thursday, April 30. His lawyers are expected to apply for bail, though the commission has indicated that it will oppose any application, citing the seriousness of the offence and the risk that the suspect might interfere with ongoing investigations. The petitioner, meanwhile, has expressed satisfaction with the EFCC’s swift response. “I lost my business capital. I could not recover from the blow,” he told a local reporter who reached him by phone. “But I am happy that the EFCC has taken action. I want my money back, and I want the suspect to face the law so that others will learn.”
The case has been assigned to a team of investigators and prosecutors within the Enugu Zonal Directorate. If a prima facie case is established, Ajah will be charged before a Federal High Court in Enugu on counts bordering on conspiracy, obtaining money by false pretence, and money laundering. The offence carries a penalty of up to seven years imprisonment upon conviction, in addition to the forfeiture of the proceeds of crime. As the investigation continues, the EFCC has urged members of the public to verify the credentials of any business partner before entering into supply agreements, particularly in the volatile petroleum products market.
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