The National Oil Company of Malawi (NOCMA) has launched a review of its payment and verification systems following a suspected fraudulent transaction involving US$403,605, equivalent to about K701 million.
The transaction involved Mozhandling Limited, a company contracted to handle petroleum products at Mozambique’s Port of Nacala.
NOCMA says the payment was made on 29 April 2026 after it received communication allegedly from a Mozhandling employee containing new banking details.
The transaction came under scrutiny about two weeks later when the same employee followed up, claiming the payment was still outstanding, despite NOCMA having already transferred the funds.
Following the discovery, NOCMA reported the matter to the Malawi Police Service. Investigators are working with Mozhandling and Bank of America to establish what happened to the funds and how the change in banking details was effected.
In response, NOCMA says it is strengthening its internal systems by reviewing supplier verification, payment authorization procedures, electronic communication and cyber security controls.
The company says it will continue assisting authorities with the investigation and will release further information when appropriate.
