The Nigerian National Petroleum Company Limited (NNPCL) issued a stern warning on June 9, 2025, alerting investors and the public to a sophisticated scam involving fraudsters impersonating its executives and demanding illicit payments for fictitious business opportunities.
The alert, disseminated through NNPCL’s official channels, underscores the company’s efforts to safeguard its reputation as Nigeria’s premier energy firm, amid heightened investor interest following its transition to a commercial entity under the Petroleum Industry Act (PIA) of 2021. The scam, which exploits NNPCL’s ongoing initiatives like its planned initial public offering (IPO), has prompted swift action from the company and law enforcement, highlighting the challenges of combating cybercrime in Nigeria’s oil sector.
The fraudsters, operating through WhatsApp, fake email domains, and cloned websites, have targeted both local and foreign investors, soliciting fees for purported meetings with NNPCL’s board, executives, or management, including false claims of access to Group Chief Executive Officer Bayo Ojulari. Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, emphasized that these actions are “unauthorized and illegal,” urging stakeholders to engage only through verified channels like the company’s Abuja headquarters or official business units.
The scam, uncovered after complaints to NNPCL’s compliance unit, involves promises of lucrative contracts, such as a fabricated $500 million Premium Motor Spirit (PMS) supply deal or stakes in refinery projects. The Economic and Financial Crimes Commission (EFCC) has arrested five suspects in Lagos and Port Harcourt, linking them to a syndicate active since early 2025, with preliminary investigations revealing the use of offshore accounts to launder funds.
NNPCL’s alert coincides with its strategic push to attract investment, including a planned IPO announced in March 2025, aimed at listing shares on the Nigerian Stock Exchange to enhance transparency and fund refinery rehabilitations. The company, under Ojulari’s leadership since his appointment on April 2, 2025, has prioritized operational efficiency, evidenced by the Port Harcourt Refinery’s 180-day continuous run since October 2024. However, the impersonation scam threatens to erode investor confidence, particularly among foreign firms eyeing Nigeria’s $1 trillion oil and gas market.
Soneye clarified that NNPCL does not request upfront payments for partnerships, advising investors to report suspicious contacts to the EFCC or NNPCL’s whistleblower portal. The company’s proactive response, including cybersecurity upgrades and public awareness campaigns, reflects its commitment to integrity, as Ojulari navigates the legacy of past mismanagement under former CEO Mele Kyari.
The scam’s emergence follows a recent board shakeup, with President Bola Tinubu appointing Ojulari, a former Shell executive, to replace Kyari, whose tenure was marred by refinery delays and corruption allegations. Industry analysts, like Lagos-based energy consultant Adebayo Alamutu, suggest the fraudsters are capitalizing on the transition, exploiting NNPCL’s high-profile reforms to lure unsuspecting investors. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) commended NNPCL’s vigilance, urging stakeholders to verify claims to protect the sector’s economic contributions, which include ₦24 trillion in 2024 revenue.
The incident has sparked broader discussions on digital fraud in Nigeria, with the EFCC intensifying efforts to dismantle syndicates targeting oil, banking, and tech sectors. NNPCL’s decisive action, reinforced by Ojulari’s call for global cooperation at a Houston energy summit, aims to restore trust, as the company advances its naira-for-crude deals with local refineries like Dangote, signaling a new era of accountability in Nigeria’s oil industry.