In a major development, a high-ranking official from the Nigerian National Petroleum Corporation (NNPC) is under scrutiny in the United States. Paulinus Iheanacho Okoronkwo, a 67-year-old dual citizen of Nigeria and the U.S., has been indicted on charges of bribery and tax evasion. The Federal Bureau of Investigation (FBI) alleges that Okoronkwo accepted at least $2.1 million in bribes to help Addax Petroleum escape a $2.4 billion liability to Nigeria.
According to court documents filed on January 10, 2024, in the United States District Court for the Central District of California, Okoronkwo, who served as a general manager in NNPC's upstream department, used his position to secure the bribes. The payments were purportedly aimed at influencing the resolution of a longstanding oil-lifting contract dating back to 2001.
Okoronkwo, also a practicing lawyer in California for almost 30 years, faced allegations of accepting the bribes in connection with an agreement between NNPC and Addax Petroleum. The deal was struck just days before President Goodluck Jonathan left office in May 2015, allowing Addax Petroleum to resume operations in Nigeria after a prolonged dispute with the Chinese firm.
The indictment suggests that Addax Petroleum, based in Switzerland and owned by Sinopec, paid Okoronkwo over $5 million, including an immediate sum of $2.1 million in October 2015. This payment was allegedly made to protect Addax Petroleum's contract, which was at risk due to the incoming administration of President Muhammadu Buhari.
The $2.1 million bribe was wired to Okoronkwo's U.S. law firm's bank account, falsely labeled as "Consultants for the negotiation and completion of a Settlement Agreement with NNPC." Authorities claim that Okoronkwo assisted Addax Petroleum in navigating challenges from the Buhari administration, which initially sought a $2.37 billion liability on the Chinese firm.
In addition to the bribery charges, Okoronkwo is facing obstruction and tax evasion charges for allegedly lying to investigators and failing to report the income on his 2016 tax returns. If convicted, he could face up to 10 years in prison. Authorities are also pursuing a forfeiture proceeding to recover Okoronkwo's assets, including a home bought in cash for $983,200 in 2017.
This case adds to a series of prosecutions targeting illicit transactions involving Nigeria in the United States. NNPC has not yet responded to requests for comments on Okoronkwo's case.
Source: Peoples Gazette
