Paris Club Refund: Whistleblowers Network Petitions EFCC, Accuses Nwoko Of Seeking Illegal $396M After $350M ‘Final’ Payout
Paris Club Refund: Whistleblowers Network Petitions EFCC, Accuses Nwoko Of Seeking Illegal $396M After $350M ‘Final’ Payout
In the petition addressed to the EFCC Chairman, the group asserts that a 2018 payment approved by former Finance Minister Kemi Adeosun and endorsed by then-President Muhammadu Buhari resolved all claims related to Paris and London Club loan consultancy services.
The Economic and Financial Crimes Commission (EFCC) has confirmed receipt of a petition alleging an attempt to secure an additional payment of $396,615,107.19 to Linas International Limited and Senator Ned Munir Nwoko, despite claims that a prior $350 million payment in 2018 constituted a “full and final settlement.”
According to the petition receipt issued by the Commission, the document, filed under reference number EFCC/PET/HQR/1299/2026, was submitted on Tuesday, April 21, 2026, at 11:23 a.m. by the Whistleblowers Network, led by its chairman, George Uboh.
Allegations Centred on 2018 Settlement
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In the petition addressed to the EFCC Chairman, the group asserts that a 2018 payment approved by former Finance Minister Kemi Adeosun and endorsed by then-President Muhammadu Buhari resolved all claims related to Paris and London Club loan consultancy services.
The petition states: “On 5 July 2018, the then Honourable Minister of Finance, Mrs. Kemi Adeosun, wrote to the late President Muhammadu Buhari concerning the settlement of Paris/London Club-related obligations. Paragraph 9 of the letter confirms that a sum of US$350,000,000 was approved for payment.
“Paragraph 10(xvii) expressly states that the payment was to constitute: ‘full and final settlement of all claims relating to the Paris Club Loans.’”
It further emphasises that the approval, granted on August 29, 2018, authorised disbursement from the Excess Crude Account, thereby establishing what the petition describes as a binding conclusion to the claims.
“This approval was endorsed in full by President Buhari, who authorised payment from the Excess Crude Account on 29 August 2018,” it noted.
EFCC Correspondence Cited
The whistleblowers also referenced a 2024 EFCC communication signed by the Commission’s Executive Chairman, Ola Olukoyede, which confirmed that the $350 million had been paid to Linas International Limited and Senator Nwoko.
According to the petition: “Paragraphs 12 and 13 of that correspondence confirm that the sum of US$350,000,000 was paid to Linas International Limited and Senator Ned Nwoko, referencing the 2018 approval. This confirmation, grounded in the 2018 ministerial letter and presidential approval, reinforces the binding nature of the ‘full and final settlement’ clause.”
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Controversy Over Additional Payment Request
Despite the earlier settlement, the petition recalled that on November 25, 2024, Attorney-General Lateef Fagbemi (SAN) wrote to President Bola Ahmed Tinubu seeking approval for an additional payment of $396.6 million.
The petitioners argue that such the request contradicts the earlier agreement, stating: “The documentary evidence attached to this petition clearly establishes that US$350,000,000 was paid in 2018 in connection with Paris/London Club-related claims; the payment was expressly designated as “full and final settlement”; this position has been acknowledged in official EFCC correspondence, albeit did not capture the “full and final settlement”; and any attempt to secure an additional payment of US$396,615,107.19 appears inconsistent with the settled position and raises serious concerns.”
“Furthermore, any internal disbursement or allocation of the US$350,000,000 among individuals or entities does not alter the legal and factual position that the payment was made under the umbrella of Linas International Limited and Senator Ned Nwoko,” it said.
The petition also points to recent remarks by Senator Nwoko in an interview published by ThisDay Newspaper on April 18, 2026. According to the filing, Nwoko claimed that the EFCC had cleared him and denied receiving the $350 million.
Call for Investigation
The Whistleblowers Network is urging the EFCC to launch a full investigation into the matter, including the 2018 payment, the subsequent request for additional funds, and what it describes as potentially misleading public statements.
The petition explicitly requests the Commission to “determine whether there has been any misrepresentation, attempted fraud, or abuse of process; and take all appropriate legal and enforcement actions.”
In the petition, the organisation accuses Linas International Limited and Senator Nwoko of attempting to obtain additional funds unlawfully, adding that internal distribution of the earlier funds does not change the overall conclusion.
It said, “Because the documents attached hereto overwhelmingly support our allegation that Linas International Limited and Ned Nwoko received US$350,000,000 in 2018 as “full and final” settlement, coming back to collect US$396,615,107.19 is a fraudulent attempt exacerbated by his lies and ill-conceived statement that the EFCC cleared him, and that “at no time was US$350,000,000 paid to Ned Nwoko”.
“His decision to receive only US$224,000,000 out of the US$350,000,000 and give the rest to other people and entities in a questionable manner does not concern anyone and does not erode the fact that US$350,000,000 was disbursed under the narration and umbrella of Linas/Nwoko hence Linas/Nwoko received US$350,000,000.”
Background
Nwoko, through Linas International Limited, served as lead consultant for states and local governments in recovering about $13 billion in Paris Club refunds, linked to deductions made between 1995 and 2002.
In a 2024 communication to the AGF, Fagbemi, Olukoyede stated that former Finance Minister Adeosun had approved the $350 million payment following a Federal High Court judgment. The funds were deposited into an escrow account by the Central Bank of Nigeria.
Olukoyede added that, contrary to the court judgment, the then AGF Abubakar Malami directed a different disbursement of the $350 million.
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In a letter dated November 19, 2018, to the then Central Bank Governor, Godwin Emefiele, Malami instructed that the funds for legal and consultancy fees due to Linas International Limited and its counsel, Joe Agi & Associates, be shared as follows: $224 million to Linas International Limited; $17 million to Joe Agi & Associates; $100 million to the Nigerian Governors Forum; and $9 million for litigation-related expenses incurred by the Federal Government.
The EFCC said its investigation was triggered by a petition from then-Attorney General (Malami) and focused on the circumstances surrounding the judgment awarded to Linas International Limited, as well as the roles played by officials in key government institutions.
Earlier, SaharaReporters reported that a letter dated November 25, 2024 from AGF Fagbemi to President Bola Tinubu sought approval for the payment of $396.6 million to Linas International Limited, a company linked to Senator Nwoko, despite an earlier approval of $350 million granted to the firm by former Finance Minister Adeosun under the Buhari administration.
Adeosun recommended that the disbursement be treated as “full and final settlement of all claims relating to the Paris Club Loans,” adding that “no further correspondence relating to Paris Club Loans shall be entertained with any State.”
In the letter to Buhari, Adeosun said Nigeria’s economic conditions had improved compared to previous years, noting higher monthly FAAC allocations, stronger foreign reserves, and the country’s exit from recession.
She said these developments justified a cautious, phased approach to settling the Paris Club-related obligations, alongside a return to savings in the Excess Crude Account.
“This can be done concurrently with our resumption of savings into the Excess Crude Account (ECA),” she recommended. “I am therefore recommending that the repayment be phased over a maximum of six (6) months in tranches with attached conditions.”
President Buhari subsequently approved the payments on August 29, 2018, directing that the funds should be sourced from the Excess Crude Account.
SaharaReporters learnt that the payments came amid intense lobbying and legal disputes involving consultants who claimed fees for their roles in facilitating refunds to states and local governments.
However, in his letter to Tinubu, Fagbemi noted that the request was based on a December 2013 Federal High Court judgment which awarded over $3.1 billion to local governments, with 20 percent designated as consultancy fees to Linas.
According to the Attorney-General, “a part payment of US$241,000,000.00 was made in 2018 to Linas, thereby leaving an outstanding balance” of the current amount being requested.
Meanwhile, while Fagbemi stated in his letter to President Tinubu that $241 million had been paid to Linas International Limited, Olukoyede’s letter to Fagbemi indicated that $244 million was paid to the firm.
The reason for the $3 million discrepancy remains unclear.
Based on Fagbemi’s figure of $241 million, an outstanding balance of $396 million reportedly remains from the $637.6 million awarded to the company.
However, this contradicts Adeosun’s recommendation that the payment made under the Buhari administration should be regarded as a full and final settlement of all claims related to the Paris Club loans, with no further correspondence on the matter to be entertained with any state.
Also, Olukoyede’s letter to Fagbemi lamented the $100 million payment made to the Nigerian Governors’ Forum, describing it “questionable”.
The EFCC probe found that the $100 million was credited into two separate bank accounts belonging to two ‘consulting firms” that never executed any job related to matter.
Curiously, $9 million was also credited to the Federal Ministry of Justice by then-AGF Malami, who is currently standing trial for corruption and money laundering.
Malami is standing trial alongside his family on charges involving alleged N8.7 billion money laundering and terrorism financing. He is accused of concealing unlawful funds through property acquisitions and conspiring with his son and wife, while also facing accusations of failing to prosecute suspected terror financiers.
