{"id":6736,"date":"2025-06-04T13:56:36","date_gmt":"2025-06-04T13:56:36","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=6736"},"modified":"2025-06-04T13:56:51","modified_gmt":"2025-06-04T13:56:51","slug":"efcc-ex-chairman-exposes-how-billions-of-naira-were-looted-in-fuel-subsidy-regime","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2025\/06\/04\/efcc-ex-chairman-exposes-how-billions-of-naira-were-looted-in-fuel-subsidy-regime\/","title":{"rendered":"EFCC Ex-Chairman Exposes How Billions Of Naira Were Looted In Fuel Subsidy Regime"},"content":{"rendered":"<div id=\"mvp-content-body-top\" class=\"left relative\">\n<div id=\"mvp-content-main\" class=\"left relative\">\n<h3>Former Chairman of the Economic and Financial Crime Commission (EFCC), Abdulrasheed Bawa, has exposed how billions of naira were siphoned from public coffers through fraudulent subsidy claims.<\/h3>\n<p>Bawa, in his new book, \u201cThe Shadow of Loot &amp; Losses: Uncovering Nigeria\u2019s Petroleum Subsidy Fraud,\u201d alleged massive corruption in Nigeria\u2019s fuel subsidy regime, detailing how billions of naira were looted through ghost imports, over-invoicing, forged documentation and systemic collusion between corrupt officials and private firms.<\/p>\n<p>In a statement on Wednesday, Bawa, who served as EFCC chairman from 2021 to 2023 under former president Muhammadu Buhari, revealed how single fuel shipments were used to obtain multiple subsidy payments, while subsidised fuel was diverted to black markets or smuggled out of Nigeria.<\/p>\n<div id=\"browsi_adWrapper_ai_0_ati_1_rc_0\">\n<div id=\"browsi_adContainer_ai_0_ati_1_rc_0\" align=\"center\"><\/div>\n<\/div>\n<p>Bawa explained that perpetrators manipulated bills of lading to exploit international price fluctuations and maximise illicit gains, adding that the book is both a documentary of fraud and a call to action for reform, transparency, and accountability in Nigeria\u2019s oil sector.<\/p>\n<p>He said,\u00a0<em>\u201cCompanies routinely claimed fuel subsidies, never imported or inflated volumes to receive excess payouts.<\/em><\/p>\n<p><em>\u201cThese crimes were enabled by forged documentation, regulatory failure, and entrenched corruption across government and business.<\/em><\/p>\n<p><em>\u201cIn the book, published by CableBooks, an imprint of Cable Media &amp; Publishing Ltd, Bawa details multiple fraudulent strategies including: Ghost importing and over-invoicing: Companies submitted claims for fuel that was never imported or inflated shipment volumes to receive excessive subsidy payouts.<\/em><\/p>\n<p><em>\u201cManipulation of bills of lading: By altering shipping documents, fraudsters exploited international price fluctuations to claim higher subsidies. Round-tripping and double claims: Single shipments were often used to obtain multiple subsidy payments.<\/em><\/p>\n<p><em>\u201cDiversion and smuggling: Subsidised fuel was frequently diverted to black markets or smuggled out of Nigeria for profit.<\/em><\/p>\n<p><em>\u201cThese practices, Bawa explains, were enabled by forged documents, weak regulatory oversight, and systemic collusion between corrupt government officials and private sector actors.<\/em><\/p>\n<div id=\"browsi_adWrapper_ai_1_ati_1_rc_0\">\n<div id=\"browsi_adContainer_ai_1_ati_1_rc_0\" align=\"center\"><\/div>\n<\/div>\n<p><em>\u201cThe Shadow of Loot &amp; Losses is not just a chronicle of fraud, it is a call to action \u2014 a demand for transparency, accountability, and reform in Nigeria\u2019s public finance management, especially in the oil sector.\u201d<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Former Chairman of the Economic and Financial Crime Commission (EFCC), Abdulrasheed Bawa, has exposed how billions of naira were siphoned from public coffers through fraudulent subsidy claims. Bawa, in his new book, \u201cThe Shadow&#46;&#46;&#46;<\/p>\n","protected":false},"author":2,"featured_media":6737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-6736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=6736"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6736\/revisions"}],"predecessor-version":[{"id":6738,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6736\/revisions\/6738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/6737"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=6736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=6736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=6736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}