Operatives of the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have launched a detailed investigation into the activities of Ralph Chinazum Ajah, the Managing Director of Paramount Energy Limited. Ajah is accused of obtaining money by false pretence and stealing to the tune of N72.3 million in a petroleum supply deal gone wrong.
According to a petitioner, the sum was paid to Ajah in six tranches between April 11, 2022, and May 24, 2022, for the supply of petroleum products to several branches. However, after receiving the funds, Ajah allegedly failed to deliver the products as agreed. The petitioner stated, "After he collected the money, he kept promising to supply the products but failed to do so. Our preliminary investigations revealed that Chinazum Ajah and his company lack the capacity to supply the products, and he deliberately defrauded us of our business capital."
Misuse of Funds Uncovered
Further investigations by the EFCC revealed that Ajah used the account of Paramount Energy Limited to receive the N72.3 million. Subsequently, he transferred the funds into his personal account for private use, raising serious concerns about the integrity of his business dealings. This alleged misuse of funds has heightened the urgency of the EFCC’s probe into the matter.
The suspect is expected to face charges in court once the EFCC concludes its investigations. This case underscores the ongoing efforts by the anti-graft agency to combat financial crimes and protect Nigerian businesses from fraudulent practices.
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