Lagos, Nigeria – In a bombshell revelation, former Economic and Financial Crimes Commission (EFCC) Chairman Abdulrasheed Bawa has laid bare Nigeria’s multi-trillion-naira fuel subsidy fraud in his newly released book, “The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud.”
The explosive exposé, published by CableBooks, provides the most detailed insider account yet of how government officials, oil marketers, and private firms systematically looted public funds under the guise of fuel subsidy payments.
According to Bawa, the fraud was perpetuated through various tactics, including ghost imports, over-invoicing, document manipulation, double-dipping, and diversion and smuggling of subsidized petrol to neighboring countries. “This book is not just about fraud,” Bawa declares. “It’s a demand for transparency and systemic reform in Nigeria’s oil sector.”
Bawa, who served as EFCC chairman from 2021 to 2023, draws from his experience leading EFCC’s 2012 subsidy fraud investigations. He highlights the role of weak oversight and political collusion in allowing the scam to thrive for years, despite some recoveries and prosecutions.
The fuel subsidy regime was officially scrapped in 2023, but Bawa’s findings raise urgent questions about accountability for past theft and safeguards against future scams.
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