THE Former Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has unveiled shocking revelations about Nigeria’s fuel subsidy fraud, detailing the extensive corruption and financial malpractice that plagued the scheme.
In his newly released book, The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, Bawa outlines the inner workings of one of Nigeria’s most egregious financial scandals.
Drawing from his role as a lead investigator on the EFCC’s special team that probed the 2012 subsidy fraud, he provides firsthand insight into the fraudulent tactics used to divert public funds.
According to a statement issued Monday, the book exposes a range of schemes—including ghost importing, over-invoicing, and falsified bills of lading—used by companies to claim payments for fuel that was either never delivered or grossly inflated in quantity.
Fraudsters, Bawa explains, manipulated shipping documents and international price fluctuations to secure inflated subsidies.
Other corrupt practices detailed in the book include round-tripping, multiple claims on single shipments, diversion of subsidized fuel to black markets, and large-scale smuggling.
Bawa notes these actions were enabled by forged documentation, weak oversight, and deep-rooted collusion between corrupt government officials and private sector actors.
Bawa, who led the EFCC between 2021 and 2023, describes his work not just as an exposé, but a call to action.
“This is more than a historical account of fraud,” he writes. “It is a demand for transparency, accountability, and systemic reform—especially in Nigeria’s oil and gas sector.”
The fuel subsidy programme, long mired in controversy, drew public outrage in 2012 when a planned removal by then-President Goodluck Jonathan sparked mass protests.
By September that year, the government had paid over ₦259 billion in subsidy claims covering 2011 to 2012 alone.
President Bola Tinubu officially ended the subsidy regime in May 2023, citing the need to protect the future of Nigerian youth.
“Every decision I have taken is about the future. Removing fuel subsidy was necessary to secure that future,” he stated in March 2025 during an address at the State House, Abuja.