A former Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has given an insider narrative on how petrol subsidy fraud was perpetrated.
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In his groundbreaking new book, titled: The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, published by CableBooks, an imprint of Cable Media & Publishing Limited, Bawa unravels the inner workings of one of the country’s most pervasive financial crimes.
The strategies, he writes, include ghost importing and over-invoicing; submission of claims for fuel that was never imported; inflated shipment volumes to receive excessive subsidy payouts; manipulation of bills of lading by altering shipping documents and fraudulent exploitation of international price fluctuations to claim higher subsidies.
Others are: round-tripping and double claims; using single shipments to obtain multiple subsidy payments; diversion and smuggling; and diversion of subsidised fuel to black markets or smuggling for high profit.
Bawa, in a statement by Vic Akinrogunde, said the book is a powerful exposé that provides the most authoritative account yet on Nigeria’s multi-trillion naira fuel subsidy scandal.
Drawing from his firsthand experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud, Bawa reveals the staggering scale, complexity, and audacity of the schemes used to siphon public funds under the guise of fuel subsidy payments.
His insider narrative chronicles how billions of naira were recovered and several culprits brought to justice, while also shedding light on how entrenched corruption allowed the fraud to flourish for years.
These practices, Bawa explains, were enabled by forged documents, weak regulatory oversight, and systemic collusion between corrupt government officials and private sector actors.
“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.”
Having served as EFCC chairman from 2021 to 2023, Bawa brings a rare credibility and insight into the institutional challenges and political dynamics that have shaped the anti-corruption fight in Nigeria.
The statement said the book is both a revelation and a reckoning, offering evidence-based analysis and personal reflections on one of the most controversial chapters in Nigeria’s recent history.
“The book is essential reading for policymakers, civil society advocates, journalists, and citizens interested in understanding how systemic fraud undermines development and how it can be confronted,” the statement added.
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