A former top official of the Nigerian National Petroleum Company Limited (NNPC), Paulinus Okoronkwo, is facing the prospect of up to 25 years behind bars in the United States over a $2.1 million bribery scandal.
The US Attorney’s Office for the Central District of California, in a statement released Tuesday evening, confirmed that Okoronkwo, a 58-year-old lawyer, has been convicted on multiple charges, including three counts of transactional money laundering, one count of tax evasion, and one count of obstruction of justice. His sentencing has been scheduled for December 1.The
The US Attorney’s Office for the Central District of California, in a statement released Tuesday evening, confirmed that Okoronkwo, a 58-year-old lawyer, has been convicted on multiple charges, including three counts of transactional money laundering, one count of tax evasion, and one count of obstruction of justice.
His Prosecutors disclosed that Okoronkwo concealed a $2,105,263 payment from his 2015 federal income tax return. The money was allegedly transferred in October 2015 by a Swiss subsidiary of Sinopec, Addax Petroleum, into the account of his Lagos-based law firm.Though
Though the transaction was presented as consultancy fees for negotiating a settlement between Addax and NNPC regarding drilling rights in Nigeria, US investigators insist it was in fact a bribe.
According to the Department of Justice (DoJ), the consultancy agreement Addax signed with Okoronkwo’s law office carried a fictitious Lagos address and was designed to mask the illicit nature of the payment.The
The DoJ alleged that the money was meant to secure Okoronkwo’s influence in brokering more favourable financial terms for Addax’s oil operations in Nigeria.
Okoronkwo was first indicted in January 2024 on charges of conducting unlawful financial transactions, tax evasion, and obstruction of justice. The scandal traces back to May 2015, just days before the end of President Goodluck Jonathan’s administration.At
At the time, Okoronkwo, then serving as a General Manager in NNPC’s Upstream Department, was part of a team that finalised an agreement with Addax Petroleum.The
The deal, according to industry experts, reportedly shortchanged Nigeria by about $2.4 billion.
Following investigations into the controversial contract and the subsequent bribe payment, Okoronkwo was dismissed from NNPC.His
His dismissal was later confirmed by Bashir Ahmad, former media aide to late President Muhammadu Buhari, who disclosed on his X (formerly Twitter) handle on Tuesday, that the corporation severed ties with Okoronkwo after the bribery allegations came to light.
The Addax deal itself had long been mired in controversy, with accusations that it was hurriedly concluded in the twilight of Jonathan’s presidency to favour the oil company at Nigeria’s expense.The
The US prosecution of Okoronkwo has now shed fresh light on the opaque dealings between NNPC officials and international oil firms, reviving questions about accountability in the management of Nigeria’s oil wealth.
COURTESY: vavalue
