Senator Ned Nwoko Dismisses Fraudulent Claims Regarding Paris Club Refund and Denies $350 Million Payout

Senator Ned Nwoko denies $350 million payout claims, citing four EFCC probes that validated his firm's contractual work on Paris Club refunds.

By: AXL Media

Published: Apr 17, 2026, 8:11 AM EDT

Source: Information for this report was sourced from Business Hallmark

Rebuttal of Malicious Financial Allegations

Senator Ned Nwoko has released a comprehensive statement to address and debunk what he describes as willful and malicious publications concerning the Paris Club refund matters. The Senator’s media team issued the clarification in Abuja on April 17, 2026, specifically targeting reports that suggest the existence of "fresh claims" or unauthorized payments. According to the statement, the narratives circulating in the media are intended to distort a long standing matter that has already undergone extensive institutional review. Nwoko emphasized that his company’s involvement in the refund process remains grounded in legitimate contractual agreements rather than the irregular financial maneuvers suggested by recent headlines.

Vindication through Institutional Audits

The Senator highlighted that the validity of his firm's work has been consistently upheld by Nigeria’s primary financial and investigative authorities. Four distinct investigations conducted by the Economic and Financial Crimes Commission have reached the same conclusion: the contractual obligations were duly performed, and the balances in question are legitimate debts owed under established agreements. These findings are further corroborated by official documentation held within the Federal Ministry of Finance and the Central Bank of Nigeria. The statement argues that since all federal payments are subject to rigorous audit, the notion of improper financial gain is contradicted by the state's own fiscal records.

Denial of Improper Executive Collaboration

Addressing specific rumors regarding his relationship with the executive branch, Nwoko categorically denied any improper collaboration with the Attorney General of the Federation, Lateef Fagbemi. The Senator’s team labeled these accusations as unfounded attempts to politicize a legal and financial dispute. By citing the support of official records, the Senator aims to demonstrate that his claims for outstanding balances are a matter of public record and administrative compliance rather than backroom negotiations. This defense serves to distance his legislative office from the ongoing controversies surrounding the legal management of the Paris Club refunds.