Malawi: Commentator Smells Inside Job in Nocma’s K700m Fraud Scandal
Malawi’s National Oil Company (NOCMA) is facing a wave of public fury and pointed questions after confirming it was duped out of a staggering $403,605 — roughly K700 million — in a sophisticated cyber fraud scheme, with social commentator Onjezani Kenani suggesting the scandal reeks of inside involvement.
The state fuel importer confirmed in a statement that fraudsters had intercepted email communications from Mozhandling Limited, a Mozambican firm contracted to handle fuel shipments through the Port of Nacala, before submitting forged banking details claiming the company had opened a new account with Bank of America.
Believing the communication to be genuine, NOCMA instructed the National Bank of Malawi on 29 April 2026 to wire the full amount to the bogus account — a decision that would only unravel two weeks later, when the real Mozhandling representative contacted NOCMA demanding the outstanding payment, triggering an immediate police report.
“This story does not make sense” — commentator smells a rat
But NOCMA’s account of events has failed to convince everyone. Taking to social media in a scathing post, Kenani branded the explanation inadequate, insisting the case pointed toward possible internal collusion at the state-owned company.
“This story at NOCMA does not make sense. There must have been collusion within. There are thieves within,” Kenani an auditor by profesdion wrote bluntly, questioning how such a substantial sum could vanish without individuals inside the organisation being involved in facilitating or authorising the transaction.
Kenani’s scepticism follows NOCMA’s own confirmation that it is now cooperating with both the Malawi Police Service and Bank of America to trace the diverted funds, with the disputed payment linked to the period following the Government’s controversial switch from the Open Tender System to Government-to-Government fuel procurement.
Security loopholes exposed by rushed policy shift
According to NOCMA, Mozhandling had been engaged to provide shipping and clearing services under the new G2G arrangement, with an outstanding balance of $403,605 still owed following an initial payment — the exact sum fraudsters would later exploit after intercepting correspondence from an individual identified as Patricia Maria, a genuine Mozhandling employee who had been following up on the payment.
In a startling admission, NOCMA management conceded that the entire scandal stemmed from control loopholes created when government rushed through the G2G procurement model without first establishing full operational and cybersecurity safeguards — a damning revelation likely to fuel further criticism of how the policy shift was implemented.
Calls grow for independent, thorough investigation
Kenani was unequivocal in demanding accountability, warning that the investigation must be robust enough to determine whether anyone inside NOCMA played a role in the fraud.
“Let’s hope the investigation will be thorough, and that those investigating are not part of the thieving. Because, in this country, one can never really be sure,” he said pointedly.
NOCMA has not accused any specific employee of theft or collusion, and investigators are yet to establish whether the fraud was purely external or involved insider knowledge.
The company says it has since reverted to the Open Tender System and is now conducting a full audit of its payment verification controls while working alongside law enforcement.
The scandal has nevertheless reignited concerns over the safeguards protecting Malawi’s state institutions from both cybercrime and internal corruption, with critics questioning how a payment exceeding $400,000 could slip through the net — and whether the systems meant to prevent exactly this kind of fraud were ever properly in place.
By Nyasa Times.
