EX-NNPC GENERAL MANAGER PAULINUS OKORONKWO SENTENCED TO 87 MONTHS IN US PRISON OVER $2.1M BRIBERY

A former senior official of the Nigerian National Petroleum Corporation (NNPC), Paulinus Iheanacho Okoronkwo, has been sentenced to 87 months (over seven years) in a United States federal prison for his role in a multimillion-dollar bribery and money laundering scheme.Okoronkwo, who previously served as General Manager in the upstream division of the NNPC, was convicted by a federal jury in California on charges including money laundering, tax evasion, and obstruction of justice.US prosecutors said he received a $2.1 million bribe in connection with oil drilling rights in Nigeria. The funds were allegedly wired in October 2015 by Addax Petroleum, a subsidiary of Sinopec, under the guise of consultancy fees.According to court filings, the money was deposited into a trust account belonging to Okoronkwo’s Los Angeles law firm before being transferred through a company identified as IPO Capital LLC. Investigators said the funds were used for personal expenses, including the purchase of a vehicle and nearly $1 million as part payment for a home in Valencia, California, in 2017.The court ordered him to pay more than $923,000 in restitution to the Internal Revenue Service (IRS) and to forfeit over $1 million traced to property acquired with the laundered funds.Prosecutors further stated that Okoronkwo failed to declare the $2.1 million on his 2015 tax return and later misled federal investigators by claiming the money represented client funds rather than income.Authorities emphasised that as a former public official, he owed a fiduciary duty to the Nigerian government. In January 2026, his law licence was suspended by the State Bar of California.The investigation was conducted by the FBI and the IRS Criminal Investigation unit as part of ongoing efforts to combat foreign corruption and financial crimes involving public officials.