Ex-EFCC chairman Bawa publishes explosive exposé on Nigeria’s fuel subsidy fraud

Former Economic and Financial Crimes Commission (EFCC) Chairman Abdulrasheed Bawa has released a revealing new book, The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, which offers an insider’s account of one of the country’s most controversial financial scandals.

Released this Wednesday, the volume has immediately captured national attention for its detailed dissection of how billions of naira intended to subsidize fuel for ordinary Nigerians were illicitly diverted.

In The Shadow of Loot & Losses, Bawa draws upon his experience leading the EFCC’s special investigation team during the 2012 fuel subsidy probe. He chronicles how a sophisticated network of government insiders and private-sector collaborators exploited systemic loopholes to siphon off subsidies on a massive scale.

“This book is not just a chronicle of fraud,” Bawa writes. “It is a call to action—a demand for transparency, accountability, and reform in Nigeria’s public finance management, especially in the oil sector.”

Publishing representatives characterize the work as “a powerful exposé of Nigeria’s multi-trillion-naira fuel subsidy scandal.” According to a statement by publisher Vic Akinrogunde, “Ghost importing, over-invoicing, manipulation of bills of lading, round-tripping, and diversion of subsidized fuel were among the tactics used to defraud the nation.”

These revelations detail how perpetrators leveraged forged documents and weak regulatory oversight to inflate subsidy claims and sell subsidized fuel outside Nigeria at higher prices.

These illicit schemes were reportedly facilitated by collusion among senior government officials, rogue port operators, and unscrupulous importers. Bawa’s work casts a spotlight on how forged documents and compromised regulators allowed fuel subsidy fraud to flourish unchecked for years.

Drawing upon previously undisclosed EFCC case files, Bawa recounts how his investigative team traced millions of dollars in illicit flows back to shell companies and individual perpetrators. He details several high-profile arrests and prosecutions, though he laments that “institutional rot” and political interference often hampered the full recovery of stolen funds.

Bawa also reveals the personal risks he faced while pursuing some of Nigeria’s most entrenched fraud networks. “Every step forward was met with resistance—from threats aimed at my team to legal maneuvers designed to stall prosecutions,” he writes.

READ ALSO: Legal storm engulfs SunTrust Bank as EFCC targets top executives in $12m money laundering scandal

The former EFCC boss further highlights systemic weaknesses that allowed fuel subsidy fraud to persist: outdated legislation, underfunded regulatory agencies, and a pervasive culture of impunity.

He calls on lawmakers and the Buhari administration’s successors to enact stronger oversight frameworks and to empower independent audit bodies to verify subsidy disbursements in real time.

Within hours of its release, The Shadow of Loot & Losses has prompted a flurry of discussion among policymakers, anti-corruption advocates, and the general public.

In a statement issued on Thursday, the Oil Producers Trade Section of the Lagos Chamber of Commerce welcomed Bawa’s revelations as “a necessary reckoning,” urging the current administration to adopt his recommendations on strengthening transparency in the petroleum sector.

Similarly, civil society groups have called on the National Assembly to expedite passage of omnibus anti-corruption legislation that would close existing loopholes in subsidy management.

“Bawa’s expose confirms what many Nigerians have long suspected—that the scale of fuel subsidy fraud impoverished the treasury and worsened energy insecurity,” said Obi Eze, Executive Director of the Resource Accountability Watchdog. “It is imperative that we overhaul our subsidy architecture so that relief genuinely reaches vulnerable consumers.”

Speaking at a book launch event in Abuja, Bawa urged the newly appointed heads of the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Finance to incorporate robust third-party verification systems.

“Every naira spent on subsidy should be traceable with digital invoices and GPS-tagged delivery confirmations,” he advised. “Our citizens deserve nothing less than a subsidy regime they can trust.”

Bawa concluded his public remarks at the book unveiling by stating, “We can no longer afford to let taxpayers’ money be siphoned into private coffers. If we truly value our nation’s economic future, we must adopt a zero-tolerance approach to subsidy fraud and demand accountability at every level.”