The former chairman of the Economic and Financial Crimes Commission (EFCC), Mr Abdulrasheed Bawa, has documented corrupt practices used to siphon public funds under the guise of fuel subsidy payments in his new book.
Mr Bawa revealed this in his soon-to-be published book titled The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, according to a statement.
The book exposes Nigeria’s multi-trillion Naira fuel subsidy scandal, unraveling the inner workings of one of the country’s most pervasive financial crimes.
Mr Bawa, drawing from his firsthand experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud, revealed the complexity, and audacity of the corrupt schemes used.
The former head of the anti-graft agency chronicled how billions of Naira were embezzled through ghost importing and over-invoicing as companies submitted claims for fuel that was never imported or inflated shipment volumes to receive excessive subsidy payouts.
Another form adopted by the perpetrators of the scandals, as revealed in the book, is the manipulation of bills of lading, where fraudsters exploited international price fluctuations to claim higher subsidies, by altering shipping documents.
Other sharp practices exposed by Mr Bawa, who served as the EFCC chairman from 2021 to 2023, are round-tripping, double claims, diversion, and smuggling.
“Single shipments were often used to obtain multiple subsidy payments. Subsidised fuel was frequently diverted to black markets or smuggled out of Nigeria for profit.
These practices, Mr Bawa explained, were boosted by forged documents, weak regulatory oversight, and systemic collusion between corrupt government officials and private sector actors.
“The Shadow of Loot And Losses is not just a chronicle of fraud; it is a call to action — a demand for transparency, accountability, and reform in Nigeria’s public finance management, especially in the oil sector,” said Mr Bawa.
Mr Bawa was appointed EFCC Chairman by former President Muhammadu Buhari in February 2021. At the time, he was the youngest person to head the agency and was seen as part of Mr Buhari’s continued anti-corruption agenda.
However, his tenure quickly became controversial due to allegations of corruption, abuse of office, and the continued detention of suspects without trial.
On June 14, 2023, Mr Bawa was suspended by President Bola Ahmed Tinubu. The official reason cited was the need to allow for a proper investigation into allegations of abuse of office during his tenure.
Following the suspension, Mr Bawa was invited and detained by the Department of State Services (DSS) and was held for 134 days.
Reports alleged that he was being investigated for alleged misconduct involving high-profile corruption cases, selective prosecution, and issues with transparency.
Mr Bawa’s later resigned, raising questions about the credibility and impartiality of Nigeria’s anti-corruption institutions, especially given that similar controversies surrounded his predecessors, like Mr Ibrahim Magu.