By Abiola Olawale
Fresh concerns are mounting as a former high-ranking official of the Nigerian National Petroleum Company (NNPC), now NNPC Limited is currently facing federal charges in the United States over an alleged $2.1 million bribery plot involving a Chinese oil institutional giant.
It was gathered that the NNPCL ex-official, Paulinus Okoronkwo, 67, a dual US-Nigerian citizen residing in California, has already been indicted on three counts of engaging in monetary transactions in property derived from specified unlawful activity, one count of tax evasion, and one count of obstruction of justice. This inappropriate deal, which Okoronkwo consummated in 2015, was said to be the period when Dr Ibe Kachikwu served as Group managing director of the NNPC before he was moved up as a minister of State. It is not clear if the former GMD ever investigated the issues during his time.
The New Diplomat gathered thst data sourced from the United States Attorney’s Office, Central District of California revealed that Okoronkwo abused his privileged position as a General Manager at NNPC to inappropriately assist Addax Petroleum escape its $2.4 billion liability to Nigeria as part of an oil-lifting contract that began in 2001.
According to the official data sighted by The New Diplomat, Addax Petroleum, based in Switzerland but owned by Sinopec, bribed Okoronkwo with $5,263,157.89, including an immediate payment of $2,105,263.16, in October 2015 after the administration of former president Muhammadu Buhari threatened to launch a massive probe into the contract between FG and the Chinese oil company.
In addition to money laundering charges, Okoronkwo is charged with tax evasion for allegedly omitting the $2.1 million bribe payment from his 2015 federal income tax return. He is also charged with obstruction of justice for allegedly lying to investigators when interviewed in June 2022.
The New Diplomat reports that the charges against Okoronkwo carry significant legal consequences, with potential maximum sentences amounting to 35 years in federal prison if convicted on all counts.
“If convicted of all charges, Okoronkwo would face a statutory maximum sentence of 10 years in federal prison for each money laundering count, 10 years in federal prison for the obstruction of justice count, and five years in federal prison for the tax evasion count,” United States Attorney’s Office said.
As Okoronkwo awaits arraignment in the United States District Court in Los Angeles, the broader implications for the NNPCL and Addax Petroleum, as well as for the industry at large, remain keenly unknown as international watchdogs and the international community intensely monitor developments. This has expectedly raised fresh concerns in NNPCL and the Chinese company as to how far this might impact on their institutional developments.
