Abdulrasheed Bawa, former Chairman of the Economic and Financial Crimes Commission (EFCC), says law enforcement agencies benefitted from the petrol subsidy fraud.
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In his new book, The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, Bawa revealed that Nigeria lost $450 million to subsidy fraud under the Petroleum Support Fund (PSF) scheme between 2006 and 2012.
He added that some of the indicted oil marketers were prosecuted and jailed, while 80 percent of the stolen funds had been recovered.
Speaking about his findings on Prime Time, an Arise Television programme, Bawa said many individuals involved in the scheme were easily compromised.
“Everybody was benefitting from the scale and the scam, including law enforcement,” Bawa said.
“People can be compromised in such a way that they will look the other way. It’s a general thing.”
The ex-anti-graft czar also called on Nigeria to challenge negative perceptions by the international community, particularly the notion of “relooting” recovered stolen funds.
He said Nigeria should not accept the narrative that it is involved in “relooting the loot”—a phrase used to describe the alleged misappropriation of recovered assets.
“Nigeria should be able to challenge the international community that is always thinking negatively about our country,” he said.
“This idea of ‘relooting the loot’ shouldn’t be discussed against us as a country. Nigerians and non-Nigerians should have the ability to trust our leaders.”
Bawa said it has become common for Nigerians to internalise negative perceptions from abroad.
“It has now become like a norm among us Nigerians to accept what the international community perceives us to be,” he added.
Asked about the recurring pattern of EFCC chairpersons leaving office amid suspicion or investigations, Bawa dismissed claims of political targeting but acknowledged the trend.
“It’s just a phase that has to come and go. People always talk. Whether you’re telling the truth or not, people will say something,” he said.
Bawa served as EFCC chairman from 2021 to 2023.
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