Ralph Chinazum Ajah, managing director of Paramount Energy Limited is currently in the custody of the Economic and Financial Crimes Commission (EFCC), over an alleged N72.3 million fraud.
The anti-graft agency said Ajah is being probed for allegedly obtaining money by false pretence and theft.
According to the EFCC, a petitioner alleged that he paid Ajah a total of N72,300,000 in six instalments between April 11 and May 24, 2022, for the supply of petroleum products to his business outlets.
“After he collected the money, he kept promising to supply the products as agreed but failed to do so,” the petitioner said.
“Preliminary investigations showed that Ralph Chinazum Ajah and his company do not have the capacity to supply the products and he deliberately defrauded us of our business capital.”
The commission said its preliminary findings revealed that Ajah received the funds through the account of Paramount Energy Limited before allegedly transferring the money to his personal account for private use.
The EFCC added that the suspect will be charged to court upon the conclusion of investigations.