EFCC Grills Company Managing Director, What He Did Will Shock You

Operatives of the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have launched an investigation into Ralph Chinazum Ajah, Managing Director of Paramount Energy Limited, over an alleged N72.3 million fraud.

The probe follows a petition accusing Ajah of obtaining money under false pretence and diverting business funds meant for the supply of petroleum products.

According to the petitioner, the sum of N72,300,000 was paid to Ajah in six tranches between April 11 and May 24, 2022, for the delivery of petroleum products to multiple business outlets.

The petitioner alleged that after receiving the funds, Ajah repeatedly promised to supply the products but failed to fulfil the agreement.

“After collecting the money, he kept making assurances to deliver, but nothing was supplied.

"Our internal checks later showed that neither Ajah nor his company had the capacity to execute the contract, and the funds were deliberately misappropriated,” the petitioner stated.

Preliminary findings by the EFCC indicate that the suspect received the payments through Paramount Energy Limited’s account before allegedly transferring the funds into his personal account for private use.

The anti-graft agency said Ajah will be charged to court upon the conclusion of investigations.