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Nigeria’s Economic and Financial Crimes Commission (EFCC) has accused FAMFA Oil Limited, the oil company associated with billionaire businesswoman Folorunso Alakija, of allegedly failing to declare foreign transactions, using altered documents and diverting $1.27 million for personal purposes, according to court documents obtained by NaijaonpointOnline.
The allegations are contained in a counter-affidavit filed by the anti-graft agency before the Federal High Court in Lagos, where it is opposing a fundamental rights suit instituted by FAMFA Oil Limited to restrain the Commission from investigating the company.
In the court document, sworn to on June 16, 2026, EFCC investigator Abubakar Magaji alleged that the company was reasonably suspected of involvement in undeclared and under-declared foreign transfer payments, crude oil exports and tanker shipments allegedly supported by altered or fraudulent documents.
The investigator further alleged that $1,268,969.33 linked to the company was converted to personal use, an allegation that could raise serious questions about the handling and documentation of the transactions under investigation.
However, the allegations remain unproven. The court documents cited in the report do not establish that FAMFA Oil Limited or Alakija has been convicted of any offence in connection with the matter.
$42 BILLION REVENUE PETITION TRIGGERS INVESTIGATION
According to the EFCC’s counter-affidavit, the investigation originated from a petition dated October 17, 2025, submitted by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
The petition, signed by the commission’s chairman, M. B. Shehu, alleged that the Federation had suffered potential revenue losses estimated at $42 billion because of shortfalls arising from under-declaration and underpayment of revenues expected to accrue to the Federation Account.
The petition requested an investigation into the companies identified in the revenue review and the recovery of any liabilities established against them.
The EFCC, however, clarified in its court filing that the $42 billion figure related to the broader revenue review involving multiple entities and was not the amount attributed to FAMFA Oil Limited.
Following the petition, the Commission reportedly assigned a five-member investigative team from its Foreign Exchange Malpractice Section at the Lagos Zonal Directorate 2 to examine the allegations.
The EFCC said its preliminary findings raised suspicions of possible foreign exchange malpractice, tax evasion, money laundering, concealment of transactions and the use of allegedly fraudulent documents.
EFCC: FAMFA IGNORED TWO INVITATIONS
The Commission alleged that FAMFA Oil Limited failed to honour two invitations issued as part of the investigation.
According to the counter-affidavit, the EFCC first wrote to the company on February 23, 2026, requesting that its management or an authorised representative appear before investigators on March 5, 2026.
The Commission claimed that neither the managing director nor any other company representative attended the scheduled interview.
It subsequently issued another invitation dated March 25, 2026, detailing the allegations under investigation and requesting additional financial and transactional records.
Rather than comply with the second invitation, the EFCC alleged, the company challenged the investigation through legal proceedings.
FAMFA’s position and its reasons for seeking the court’s intervention would need to be considered alongside the Commission’s allegations before any conclusion could be reached.
EFCC DEMANDS TEN YEARS OF FOREIGN TRANSACTION RECORDS
The second invitation reportedly requested extensive financial documentation covering the period between 2010 and 2019.
The letter, referenced CR:3000/EFCC/LS-2/FEMS/01-26/VOL.1/001, was addressed to FAMFA’s managing director at the company’s registered address on Olawale Dawodu Road, Ikoyi, Lagos.
It was signed by ACE I Bawa Usman Kalungu, identified in the document as the acting director of the EFCC’s Lagos Zonal Directorate 2.
The Commission directed the company to release its director of finance for an interview scheduled for June 4, 2026, at its office in Ikoyi, Lagos.
Among the documents requested were:
Certified true copies of schedules detailing all foreign transfer payments and transactions conducted through authorised banks between 2010 and 2019.
Soft copies of the company’s naira and domiciliary account statements for the relevant period.
Copies of all Form A transactions covering the ten-year period.
Schedules and receipts showing Value Added Tax and Withholding Tax remittances on foreign-related transactions.
The EFCC said the records were required to establish the nature, value and documentation of the transactions under investigation.
The request also sought to determine whether applicable tax obligations had been properly documented and fulfilled.
The Commission cited provisions of the EFCC (Establishment) Act 2004 as the legal basis for its demand for information.
FAMFA CHALLENGES EFCC INVESTIGATION IN COURT
The EFCC’s counter-affidavit stated that FAMFA, through its solicitors, MFA Solicitors & Co, challenged the legality of the second invitation in a letter dated April 9, 2026.
The letter, reportedly signed by Osenl Enemose, described the invitation as illegal, unconstitutional, null and void.
FAMFA subsequently filed a fundamental rights action at the Federal High Court in Lagos, seeking to restrain the Commission from proceeding with the investigation.
The case, identified as Suit No. FHC/L/CS/482/26, lists FAMFA Oil Limited as the applicant and the EFCC as the respondent.
In its response, the Commission denied violating the company’s fundamental rights, maintaining that it had not attempted to arrest any company officer and that its engagement with the company had remained civil.
The EFCC argued that it was merely seeking explanations and records necessary to determine whether the alleged offences had occurred.
EFCC ACCUSES COMPANY OF USING LAWSUIT TO FRUSTRATE PROBE
In its court filing, the Commission strongly disputed FAMFA’s account of events.
Magaji described the company’s position as grossly untrue and alleged that the lawsuit was intended to mislead the court into restraining the EFCC from performing its statutory duties.
The investigator further characterised the action as an abuse of court process and urged the court to dismiss or strike out the application.
The EFCC also asked the court to direct FAMFA to make itself available for investigation and provide the records requested by its investigators.
The Commission relied on Sections 6 and 7 of the EFCC (Establishment) Act 2004, which outline its investigative responsibilities, as well as Section 38, which provides powers relating to requests for information during investigations.
The EFCC maintained that the company had not demonstrated any infringement of its fundamental rights and argued that responding to lawful investigative requests would not prejudice its interests.
The court’s eventual determination of the dispute will be central to resolving the parties’ competing positions regarding the investigation.
FAMFA’S AGbAMI OIL INTEREST PUTS CASE UNDER SPOTLIGHT
The investigation has drawn attention to FAMFA Oil Limited because of its position in Nigeria’s oil industry and its association with Folorunso Alakija, one of Africa’s most prominent businesswomen.
The company holds a 60 per cent participating interest in Oil Mining Lease 127, which hosts the Agbami deepwater oil field.
The asset is widely associated with Alakija’s business fortune, making scrutiny of the company’s financial transactions a matter of public interest.
Nevertheless, the existence of an EFCC investigation does not establish criminal liability, and the allegations against the company must be tested against the available evidence and applicable law.
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The central questions arising from the court documents are whether the foreign transactions identified by investigators were properly declared, whether the requested financial and tax records support the company’s compliance claims, and whether the EFCC’s investigation was conducted within the limits of the law.
The case also raises broader questions about financial transparency, foreign exchange documentation and accountability in Nigeria’s oil sector.
NaijaonpointOnline will continue to follow the proceedings and report any substantive developments, including the court’s decision and any response from FAMFA Oil Limited or Folorunso Alakija.
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