Oil Company’s $100m Scam On CBN Exposed

An oil company attempted to scam the Central Bank of Nigeria, CBN, and the plot to carry out the well-thought-out scheme failed.

The company, Triumph Oil and Gas Madagascar Nigeria Limited, has been dragged to court for trying to syphon the sum of one hundred million dollars ($100,000,000).

Meanwhile, Mr Ibrahim Mahmud, the Group Managing Director, GMD of the oil marketing firm, was brought before a justice of the Federal High Court here in the Federal Capital Territory. FCT, Abuja.

Mahmud, who was arraigned on a six-count charge, marked: CR/1041/2020, was accused of forging the signatures of the CBN Governor, Godwin Emefiele, Special Assistant to the President, Sabiu Yusuf and the GMD of Nigerian National Petroleum Corporation, NNPC, Mele Kyari.

The Economic and Financial Crimes Commission, EFCC, who presented the case to the court, hinted that the accused had operated under the guise of the Deputy Governor of the Apex Bank.

Mahmud was said to have also claimed that his firm was engaged in monitoring and supervising the central Federal Government’s infrastructure projects, forfeited assets and government businesses. The CBN approved the payment of the $100m.

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