Former Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has revealed how petrol subsidy fraud was carried out in Nigeria.
His new book, The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, explains how private companies and public officials stole trillions of naira through false claims and document manipulation.
Bawa, who led investigations into the 2012 fuel subsidy scandal, shares what he witnessed during his time at the EFCC. He explains that many companies submitted fake claims for fuel that was never imported. Others used one fuel shipment to claim multiple subsidy payments from the government.
How Subsidy Payments Were Faked and Abused
According to Bawa, companies inflated the volume of fuel shipments to get more money. Some forged shipping documents, known as bills of lading, to support their lies. They also took advantage of international fuel price changes to claim more than they deserved.
Bawa listed more methods used in the fraud:
- Ghost importing (claiming fuel was imported when it was not)
- Over-invoicing (stating fake high prices)
- Double claims on one shipment
- Fuel smuggling and diversion to the black market
He wrote that these crimes were supported by fake documents and poor oversight. There was also a strong partnership between dishonest government officials and private business owners.
Billions Recovered, but the Damage Was Deep
Bawa’s book shows that during the investigations, billions of naira were recovered and some of the suspects were prosecuted. But the fraud had already caused massive losses to Nigeria’s economy.
“The ‘Shadow of Loot & Losses’ is not just a chronicle of fraud,” Bawa said. “It is a call to action — a demand for transparency, accountability, and reform in Nigeria’s public finance management, especially in the oil sector.”
Bawa was EFCC chairman from 2021 to 2023. His experience gives weight to the claims and stories in the book. He writes about the political pressure, internal EFCC struggles, and the challenges of fighting corruption in Nigeria.
Why This Book Matters Now
The book, published by CableBooks, is being described as one of the most complete stories on Nigeria’s petrol subsidy scandal. According to Bawa, it is for everyone — government leaders, journalists, civil society, and regular citizens.
He believes people need to understand how corruption affects national growth and development.
The book also pushes for stronger oversight of public funds, especially in the oil sector.
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