The Garda Fraud Squad has issued fresh warnings to companies and individuals to ignore a "lucrative" investment proposition from the Nigerian National Petroleum Corporation. The company has periodically targeted potential investors in Ireland and again recently has begun sending letters outlining its proposition. In one letter, the company's deputy director, Mr Ojadi Otomewo, seeks to use the bank account of a "reliable foreign company or individual" to transfer $30.5 million (£21.8 million) to it. It contends that after the transfer, the individual or company will be entitled to 25 per cent of those funds. "The nature of your business is not particularly relevant for the success of this transaction. All we require is your willingness to co-operate and assurance that our own share will be given to us when the money is transferred into your account," it states.

Usually, upon reply, the company requests the immediate payment of funds, which it claims is necessary to begin the money transfer, initially £10,000 to be followed by another such payment.

A Garda spokesman has stressed that anyone who receives such a letter should ignore it. "It will only bring them grief. There is no way anyone will make money out of that deal." Some individuals who replied to these letters in the past lost up to £20,000.