Bala Wunti, the former Group General Manager (GGM) of the National Petroleum Investment Management Services (NAPIMS), has been implicated in a massive corruption scandal involving the alleged misappropriation of billions of naira.
According to documents and insider sources, Wunti is accused of laundering stolen funds using front companies and individuals, notably one Preye Berezi.
Among the key assets Wunti is alleged to have acquired using illicit funds is the Le Meridien Hotel in Port Harcourt, originally seized from former Petroleum Minister Diezani Alison-Madueke.
The hotel, which Alison-Madueke reportedly purchased for $25 million, was allegedly re-acquired by Wunti through Berezi, whom he used as a proxy.
In what investigators describe as a sophisticated laundering scheme, Wunti also allegedly procured a private jet through Berezi to disguise the origin of illicit funds.
Berezi’s companies— LES Energy Services and PFL Engineering —were reportedly among the beneficiaries of lucrative NAPIMS contracts during Wunti’s tenure, despite questions surrounding the legitimacy of the contracts and services rendered.
Another company, Etihad Energy Limited, allegedly received a payment of $3.7 million via voucher no. 1500000234, without any supporting documentation or evidence of services rendered. This has raised further concerns of systematic fund diversion within NAPIMS under Wunti’s leadership.
Additionally, documents show that Wunti authorized a payment of N262 million to the law firm Olaniwun Ajayi on December 7, 2022, for consultancy services—an action that reportedly violated procurement rules, as the payment was made without proper documentation and to a personal account rather than a corporate one.
Sources within anti-graft agencies have confirmed that both the Economic and Financial Crimes Commission ( EFCC ) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) are reviewing the matter. Calls are growing louder for the urgent investigation and prosecution of Wunti and his alleged associates, including Berezi, who is believed to be holding assets and funds in trust for the former GGM.
The revelations come amid reports that Wunti is gearing up to contest for the governorship of Bauchi State in 2027, raising questions about the source of his campaign funding and the extent of his financial network.
