TRACKNEWS ONLINE|INVESTIGATIVE DESK
Nigeria’s Economic and Financial Crimes Commission (EFCC) has actually implicated FAMFA Oil Limited, the oil business related to billionaire businesswoman Folorunso Alakija, of supposedly stopping working to state foreign deals, utilizing transformed files and diverting $1.27 million for individual functions, according to court files gotten by TrackNews Online.
The accusations are included in a counter-affidavit submitted by the anti-graft firm before the Federal High Court in Lagos, where it is opposing an essential rights match set up by FAMFA Oil Limited to limit the Commission from examining the business.
In the court file, testified on June 16, 2026, EFCC detective Abubakar Magaji declared that the business was fairly believed of participation in undeclared and under-declared foreign transfer payments, petroleum exports and tanker deliveries presumably supported by modified or deceptive files.
The detective even more declared that $1,268,969.33 connected to the business was transformed to individual usage, a claims that might raise major concerns about the handling and documents of the deals under examination.
The claims stay unverified. The court files pointed out in the report do not develop that FAMFA Oil Limited or Alakija has actually been founded guilty of any offense in connection with the matter.
$42 BILLION REVENUE PETITION TRIGGERS INVESTIGATION
According to the EFCC’s counter-affidavit, the examination stemmed from a petition dated October 17, 2025, sent by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
The petition, signed by the commission’s chairman, M. B. Shehu, declared that the Federation had actually suffered prospective profits losses approximated at $42 billion since of deficiencies developing from under-declaration and underpayment of profits anticipated to accumulate to the Federation Account.
The petition asked for an examination into the business determined in the earnings evaluation and the healing of any liabilities developed versus them.
The EFCC, nevertheless, clarified in its court filing that the $42 billion figure associated to the more comprehensive earnings evaluation including numerous entities and was not the quantity credited to FAMFA Oil Limited.
Following the petition, the Commission apparently appointed a five-member investigative group from its Foreign Exchange Malpractice Section at the Lagos Zonal Directorate 2 to take a look at the claims.
The EFCC stated its initial findings raised suspicions of possible forex malpractice, tax evasion, cash laundering, concealment of deals and using supposedly deceptive files.
EFCC: FAMFA IGNORED TWO INVITATIONS
The Commission declared that FAMFA Oil Limited stopped working to honour 2 invites released as part of the examination.
According to the counter-affidavit, the EFCC initially composed to the business on February 23, 2026, asking for that its management or an authorised agent appear before private investigators on March 5, 2026.
The Commission declared that neither the handling director nor any other business agent participated in the set up interview.
It consequently provided another invite dated March 25, 2026, detailing the accusations under examination and asking for extra monetary and transactional records.
Instead of adhere to the 2nd invite, the EFCC declared, the business challenged the examination through legal procedures.
FAMFA’s position and its factors for looking for the court’s intervention would require to be thought about together with the Commission’s claims before any conclusion might be reached.
EFCC DEMANDS TEN YEARS OF FOREIGN TRANSACTION RECORDS
The 2nd invite supposedly asked for substantial monetary paperwork covering the duration in between 2010 and 2019.
The letter, referenced CR:3000/ EFCC/LS -2/ FEMS/01 -26/ VOL.1/ 001, was dealt with to FAMFA’s handling director at the business’s signed up address on Olawale Dawodu Road, Ikoyi, Lagos.
It was signed by ACE I Bawa Usman Kalungu, recognized in the file as the acting director of the EFCC’s Lagos Zonal Directorate 2.
The Commission directed the business to launch its director of financing for an interview arranged for June 4, 2026, at its workplace in Ikoyi, Lagos.
Amongst the files asked for were:
Licensed real copies of schedules detailing all foreign transfer payments and deals performed through authorised banks in between 2010 and 2019.
Soft copies of the business’s naira and household account declarations for the pertinent duration.
Copies of all Form A deals covering the ten-year duration.
Schedules and invoices revealing Value Added Tax and Withholding Tax remittances on foreign-related deals.
The EFCC stated the records were needed to develop the nature, worth and documents of the deals under examination.
The demand likewise looked for to identify whether suitable tax commitments had actually been correctly recorded and satisfied.
The Commission pointed out arrangements of the EFCC (Establishment) Act 2004 as the legal basis for its need for info.
FAMFA CHALLENGES EFCC INVESTIGATION IN COURT
The EFCC’s counter-affidavit mentioned that FAMFA, through its lawyers, MFA Solicitors & & Co, challenged the legality of the 2nd invite in a letter dated April 9, 2026.
The letter, apparently signed by Osenl Enemose, explained the invite as unlawful, unconstitutional, null and space.
FAMFA consequently submitted a basic rights action at the Federal High Court in Lagos, looking for to limit the Commission from continuing with the examination.
The case, recognized as Suit No. FHC/L/CS/ 482/26, notes FAMFA Oil Limited as the candidate and the EFCC as the participant.
In its action, the Commission rejected breaking the business’s essential rights, keeping that it had actually not tried to jail any business officer which its engagement with the business had actually stayed civil.
The EFCC argued that it was simply looking for descriptions and records needed to identify whether the supposed offenses had actually taken place.
EFCC ACCUSES COMPANY OF USING LAWSUIT TO FRUSTRATE PROBE
In its court filing, the Commission highly challenged FAMFA’s account of occasions.
Magaji explained the business’s position as grossly false and declared that the claim was planned to misinform the court into limiting the EFCC from performing its statutory responsibilities.
The private investigator even more characterised the action as an abuse of court procedure and advised the court to dismiss or set out the application.
The EFCC likewise asked the court to direct FAMFA to make itself readily available for examination and offer the records asked for by its private investigators.
The Commission count on Sections 6 and 7 of the EFCC (Establishment) Act 2004, which detail its investigative obligations, in addition to Section 38, which offers powers associating with ask for details throughout examinations.
The EFCC kept that the business had actually not shown any violation of its essential rights and argued that reacting to legal investigative demands would not bias its interests.
The court’s ultimate decision of the disagreement will be main to fixing the celebrations’ completing positions relating to the examination.
FAMFA’S AGbAMI OIL INTEREST PUTS CASE UNDER SPOTLIGHT
The examination has actually accentuated FAMFA Oil Limited since of its position in Nigeria’s oil market and its association with Folorunso Alakija, among Africa’s most popular businesswomen.
The business holds a 60 percent taking part interest in Oil Mining Lease 127, which hosts the Agbami deepwater oil field.
The possession is extensively connected with Alakija’s service fortune, making examination of the business’s monetary deals a matter of public interest.
The presence of an EFCC examination does not develop criminal liability, and the claims versus the business need to be checked versus the readily available proof and relevant law.
TRACKNEWS ONLINE’S POSITION
The main concerns emerging from the court files are whether the foreign deals recognized by private investigators were appropriately stated, whether the asked for monetary and tax records support the business’s compliance claims, and whether the EFCC’s examination was performed within the limitations of the law.
The case likewise raises wider concerns about monetary openness, forex paperwork and responsibility in Nigeria’s oil sector.
TrackNews Online will continue to follow the procedures and report any substantive advancements, consisting of the court’s choice and any action from FAMFA Oil Limited or Folorunso Alakija.
TRACKNEWS ONLINE|INVESTIGATIVE DESK
Discover more from PMN S.P.O.R.T.S - A PRIME MEDIA NETWORK BRAND
Subscribe to get the latest posts sent to your email.
