Former EFCC chairman, Abdulrasheed Bawa, has shared shocking details of how Oluwaseun Ogunbambo, a businessman, defrauded the Nigerian government of N3.7 billion through petrol subsidy fraud. In his book titled The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, Bawa explained how Ogunbambo used fake documents to collect money meant for importing fuel. According to Bawa, Ogunbambo claimed he imported petrol, but the fuel never existed. He forged shipping documents and presented them to the government to receive payments. Ogunbambo, who was the managing director of Fargo Petroleum and Gas Ltd, was declared wanted by the EFCC in 2013. He was charged with collecting N976.6 million fraudulently. While the case was still in court, he jumped bail and fled the country. Bawa said Ogunbambo had multiple identities and was also wanted in other countries like Ireland, the UK, and the USA. The book also talks about how fuel subsidy fraud has been a major problem in...
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