The Economic and Financial Crimes Commission (EFCC) has grilled the Managing Director of Paramount Energy Ltd. over an alleged ₦72.3 million fraud linked to a failed petroleum supply deal.
According to EFCC spokesperson Dele Oyewale, the suspect is being investigated for allegedly obtaining money under false pretence after a petitioner claimed he paid for fuel supply that never came.
The complainant said the money—paid in six instalments in 2022—was meant for petroleum products across his business outlets, but the company allegedly kept delaying delivery until it became clear nothing would be supplied.
Preliminary findings suggest the firm lacked the capacity to execute the deal, with the funds reportedly moved from the company’s account into the suspect’s personal account.
The EFCC says investigations are ongoing, and the suspect will be charged to court once the probe is concluded.
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