The Nigerian National Petroleum Company Limited (NNPC Ltd.) has issued a stern warning to members of the public and potential investors over a rising wave of fraudulent schemes involving individuals and groups impersonating its officials to solicit illegal payments.
In an official statement released on Monday, June 10, 2025, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, revealed that a number of fraudsters have been targeting both domestic and international investors under the guise of facilitating privileged meetings with high-ranking NNPC executives, including board members and senior management.
“These fraudulent actors demand fees in exchange for arranging meetings with the board of directors, executives, and other officials of NNPC,” Soneye stated. “Such activities are entirely unauthorised and illegal, and we urge everyone to be vigilant.”
The state-owned oil giant stressed that all legitimate business transactions and investor engagements are conducted through official NNPC channels and not via intermediaries. The warning comes amid increasing investor interest in Nigeria’s petroleum sector following the implementation of the Petroleum Industry Act (PIA), which has positioned NNPC Ltd. as a fully commercial entity.
Soneye urged foreign investors, in particular, to exercise caution and report any suspicious solicitations to Nigerian law enforcement agencies or the relevant embassies. “No representative or associate of NNPC is authorised to demand or collect fees for investment-related meetings or business facilitation,” he added.
This development is particularly critical as Nigeria continues to court foreign direct investment (FDI) in key energy projects, including oil exploration, gas processing, and renewable ventures. Any erosion of investor trust, analysts warn, could threaten the country’s economic recovery drive and its ability to attract sustainable capital inflows.
Reiterating its corporate values, the company stated, “NNPC Limited remains committed to transparency, integrity, and the protection of stakeholders. The Nigerian public and our international partners must join us in countering these scam operations by remaining alert and reporting any suspected fraud.”
The company also advised the public to crosscheck any communication purporting to come from NNPC through its official website and public communication channels. NNPC Ltd. has, in recent years, introduced several transparency and accountability initiatives, including the launch of an open contracting portal and regular audited financial statements.
The NNPC warning echoes a larger pattern of fraud involving impersonation and advance-fee scams that have plagued Nigeria’s business environment. According to cybersecurity experts, fraudsters are increasingly targeting strategic sectors with high-value transactions, exploiting weak regulatory enforcement and public naivety.
In the wake of the warning, financial analysts have urged the government to bolster enforcement mechanisms and improve public awareness campaigns to curb such incidents. “What’s needed is a nationwide investor protection framework that allows quick verification of any government-linked business offers,” said Adebayo Ayodeji, a risk management consultant in Abuja.
With Nigeria striving to rebuild investor confidence amid its post-pandemic economic reforms, this development could not have come at a more sensitive time. Stakeholders have called for stronger inter-agency collaboration between the Economic and Financial Crimes Commission (EFCC), Nigerian Communications Commission (NCC), and the Central Bank of Nigeria (CBN) to track and prosecute offenders.
NNPC has also encouraged citizens to share the scam alert widely to prevent further exploitation of unsuspecting investors. “Scam prevention is a shared responsibility,” Soneye concluded. “Let us work together to ensure a secure and credible business environment for all.”