Ex-EFCC Boss Bawa Shares How Fugitive Ogunbambo Allegedly Claimed N3bn in Fuel Subsidy Fraud

• Fresh details have emerged on how Oluwaseun Ogunbambo, a Nigerian businessman, allegedly forged several documents to claim N3.7 billion in a petrol subsidy fraud
• In a newly-released book, Abdulrasheed Bawa, the former chairman of the EFCC, revealed inside details of Ogunbambo’s indictment and prosecution for defrauding the government under the Petroleum Support Fund (PSF) scheme
• Bawa detailed how the petrol subsidy scheme was used to syphon public funds, drawing from his experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud

FCT, Abuja - Abdulrasheed Bawa, a former chairman of the Economic and Financial Crimes Commission (EFCC), has alleged a staggering scale of corrupt practices used to siphon public funds under the guise of fuel subsidy payments.

As reported by The Cable, Bawa revealed this in his book, titled ‘The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud,’ according to a recent statement.

Oluwaseun Ogunbambo's alleged fraud

Business Day also noted Bawa's new revelation.

In his new book, "The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud," Bawa exposed how billions of naira were siphoned from public coffers through fraudulent subsidy claims.

The claims involved "ghost importing, over-invoicing, forged shipping documents, and systemic collusion between corrupt officials and private firms."

Legit.ng recalls that Oluwaseun Ogunbambo, the managing director (MD) of Fargo Petroleum and Gas Limited, was declared wanted by the EFCC in 2013 for forging several documents to make N976.6 million subsidy claims. While he was on trial, the embattled businessman also known as Adekunbo Oladabo Shobowale Benson jumped bail and fled Nigeria.

Bawa divulged in his new book:

“Oluwaseun Olubukola Ogunbambo is perhaps the biggest fraudster in the petroleum subsidy fraud. This assertion is not necessary in terms of the amount of money that is fraudulently accumulated as many promoters of oil marketing companies made more money than Seun.

“Mr. Ogunbambo is a fraudster wanted in many countries for fraud. He was in the radar of the Republic of Ireland, United States of America (where he later served a prison term for fraud and identity theft), United Kingdom, and Nigeria.

“The EFCC was already investigating him for alleged fraud and identity theft since 2009 and has jumped bail."

Having served as EFCC chairman from 2021 to 2023, Bawa brings insight into the institutional challenges and political dynamics that have shaped the anti-corruption fight in Nigeria.

The book is distributed nationwide by RovingHeights Bookstore.

Meanwhile, in May 2023, President Bola Tinubu announced the removal of the fuel subsidy, although the step had further driven up hardship and mismanagement of public funds.

Read more on Abdulrasheed Bawa:

• DSS releases former EFCC chairman Abdulrasheed Bawa, video emerges
• Tears as former EFCC chairman Bawa loses mother, details emerge

2027 election: Group berates Bawa

Earlier, Legit.ng reported that a civil society group, the Citizens Forum for Transparency and Integrity (CFTI), accused Bawa of conspiring with opposition figures to undermine President Bola Tinubu’s administration ahead of the 2027 general elections.

The group claimed that Bawa held recent meetings in London with opposition leaders and "third force" actors, adding that the discussions allegedly centered on using his previous contacts within the EFCC to investigate four ministers in Tinubu’s cabinet.

Source: Legit.ng