EFCC Grills Managing Director, Paramount Energy Limited, For Alleged N72.3 Million Fraud

Enugu, Nigeria — April 30, 2026

Operatives of the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have commenced investigations into the activities of Ralph Chinazum Ajah, Managing Director of Paramount Energy Limited, over an alleged case of obtaining by false pretence and stealing amounting to N72.3 million.

According to a petition submitted to the commission, the complainant alleged that he transferred the sum to Ajah for the supply of petroleum products to several of his business outlets. The payments were reportedly made in six tranches between April 11, 2022, and May 24, 2022.

The petitioner claimed that after receiving the funds, Ajah repeatedly promised to deliver the products but failed to fulfil the agreement. This development prompted further checks, which allegedly revealed that both Ajah and his company lacked the capacity to supply the petroleum products and had deliberately defrauded the business of its capital.

Preliminary investigations by the EFCC indicated that the suspect received the money through the corporate account of Paramount Energy Limited before allegedly transferring the funds into his personal account for private use.

The commission stated that the suspect would be charged to court upon the conclusion of investigations.