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    Home»Featured

    Fuel Subsidy Scam: How Fugitive Oil Mogul Duped Nigeria Of N3.7bn, Says Ex-EFCC Chief

    Platform Times NewspaperBy Platform Times NewspaperJune 6, 2025 Featured No Comments3 Mins Read
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    … Bawa Launches Book Detailing  Oil Scams, Others

    Fresh revelations have emerged on the monumental petrol subsidy fraud perpetrated by Oluwaseun Ogunbambo, a Nigerian businessman and Managing Director of Fargo Petroleum and Gas Limited, who allegedly forged multiple documents to fraudulently obtain over N3.7 billion under Nigeria’s Petroleum Support Fund (PSF).

    The explosive details are contained in a new book authored by Abdulrasheed Bawa, former Chairman of the Economic and Financial Crimes Commission (EFCC), titled “The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud.”

    Bawa, who led the EFCC between 2021 and 2023, described Ogunbambo as “perhaps the biggest fraudster in the petroleum subsidy fraud,” noting that his notoriety surpassed even those who stole more.

    “Mr. Ogunbambo is a fraudster wanted in many countries for fraud. He was on the radar of Ireland, the U.S., the U.K., and Nigeria,” Bawa wrote.

    “The EFCC had been investigating him since 2009 for alleged identity theft and fraud. He jumped bail and fled the country while on trial.”

    According to Bawa, Ogunbambo operated under multiple aliases, including “Adekunbo Oladabo Shobowale Benson,” using different passports with conflicting nationalities and places of birth—ranging from London to Ottawa.

    The book details how Ogunbambo manipulated the subsidy scheme by forging documents submitted to the Petroleum Products Pricing Regulatory Agency (PPPRA).

    Through his firm, Fargo Petroleum, he issued invoices from another of his companies, Seatac Petroleum—both controlled by him—to create a paper trail for fictitious petrol imports.

    “Ogunbambo issued invoices from himself to himself. Practically all documents submitted to claim the subsidy were forged—including certificates of quantity, quality, marine insurance, origin, and cargo transfer,” Bawa revealed.

    The EFCC’s investigation also found that Ogunbambo used a forged property document to secure a loan of N700 million and $4 million from a bank. Shockingly, the same property was later used to obtain a loan from another bank.

    Despite being declared wanted in 2013, Ogunbambo fled Nigeria while on bail and was later imprisoned in the United States in 2020 for identity theft.

    In his absence, a Lagos High Court convicted his company, Fargo Petroleum, and a staff member, Habila Theck, in 2021.

    “Fargo Petroleum and Gas Limited was convicted on March 8, 2021—three days after I became EFCC chairman,” Bawa noted. “Ogunbambo was convicted in absentia and is to serve 10 years in Kirikiri Maximum Security Prison.”

    Bawa added that further investigations confirmed that First Bank transferred $5.28 million to Seatac Petroleum’s account in London as payment for a fictitious transaction with Fargo Petroleum.

    The fugitive is also facing fresh EFCC charges for another alleged N430 million fraud and an attempted N180 million scam.

     

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    Platform Times is a trailblazing news website that empowers grassroots communities across Africa by delivering the latest news through engaging multimedia content. By leveraging photos, text, and videos, the site inspires concerned citizens and activists worldwide to take action against critical issues, including corruption, poverty, environmental degradation, and democratic disregard.

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