₦airaland Forum

A former Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has released a groundbreaking new book titled, “The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud.”

The exposé provides the most authoritative account of Nigeria’s multi-trillion-naira fuel subsidy scandal, unravelling the inner workings of one of the country’s most pervasive financial crimes.

According to a statement signed by Vic Akinrogunde, drawing from his firsthand experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud, Bawa revealed 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.

In the book, published by CableBooks, an imprint of Cable Media & Publishing Ltd, Bawa detailed multiple fraudulent strategies including Ghost importing and over-invoicing; companies submitting claims for fuel that was never imported or inflated shipment volumes to receive excessive subsidy payouts; manipulation 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; diversion and smuggling; and subsidised fuel was frequently diverted to black markets or smuggled out of Nigeria for profit.

These practices, Bawa explained, 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. 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 said.

Having served as EFCC chairman from 2021 to 2023, Bawa brings rare credibility and insight into the institutional challenges and political dynamics that have shaped the anti-corruption fight in Nigeria.

His 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 challenged.


SOURCE: https://guardian.ng/news/ex-efcc-boss-unveils-book-on-nigerias-fuel-subsidy-fraud/

kingbee90:
Felix Morka has acute malaria and needs to go see his doctor ASAP.
The parasite is making him miss-yarn.

He has been taking drugs, unfortunately the drugs happen to be fake drugs produced in your state.

Putindbutt:
You guys too dey deceive unaself sha.. Did you see hundreds of Kwankwasiya that decamped to APC yesterday in Kano?. I pity you.

Na thew same week Rabiu Kwankwaso, Akwa-Ibom governor and Bayelsa governor go decamp. Many of the bitter losers will end up in the hospital that week

BAD news for the haters

shadelek:
Nigeria is gradually heading back to the days of President Olusegun Obasanjo when one party system was being practiced.
Truth be told, opposition is what makes politics sweet in this country

But Tinubu stood head to head with Obasanjo and refused to bend. Let the useless governors we have now do the same

Another region is leading in polluting the environment

Do not underestimate the power of idiots in large numbers

shortgun:
Using Mathematics, a young Nigerian woman calculated the time it would take Tinubu to complete the coastal highway, based on the current pace of 30 kilometers in every 2 years. The result show it will take Tinubu 50 years to complete the coastal highway and Tinubu himself will be 121 Years old.

Una go cry tire. East - West road that was started by PDP during Obasanjo's tenure has still not been completed

Karlovych:
I see the flood reaching the abode of a known d.rug dealer

I see it covering his entire place of residence

This I have seen!

It's eazy to identify children from broken homes

Lanretoye:
As in the plane crashed but Peter Obi escaped…

If the plane had crashed there will be civil war, they way some people Dey think self .thousands of people that UGM,bandits and boko haram has killed didn’t cause civil war cos their lives are worthless,it is the death of Peter Obi that will cause it.the kind of mouth they used to send MNK to jail since almost 4years and nothing happened.

If the plane crashed, there cannot be any civil war, anybody wey try any nonsense will be used for shooting practice by the security agants.

Hezzyluv:
This kind humility no be here oo.

Thank God for safe landing at the end.

Humility will not rule a nation, if he likes, he can take Keke Marwa from Lagos to Abuja, nobody send you and am

agulion:
It seems Tinubu looks sick, abi na hunger the worry my eyes?

Go and drink Garri and groundnut first and look again

Bmaster:
they wants to cajole him,if i am to be fubara,i will take and drink every oath you presents to me,swear with my life at every dark alter you take me to but still backstab you on the day you will need me most.that votes you are hoping on wont get to you,let heavens and earths fall apart

Shey na Fubara go write result ni, abi na Wike and his boys?

Ajebaba:
It’s about to go down…Politics is all about game of interest and not emotions!

It's already down for the serial losers

Atikulation, Peter Obingo, Nasir Hell Rufai, Rufai Oseni, and other clowns, shey una still dey breathe?

crossfm:
Hehehe.

APC boys food don land o .

They will so use this news to defend their masters failure .

They love using negative news from other countries to do comperism,but ask them to use the positive news and see them giving you excuses .

LP and PDP binary well done

lesson44:
Who paid you for this rubbish?

Ask your brothers in UK and US they will tell you how bad the health care system is there and why they are rushing to employ health care workers from Africa and Asia

keymatt:
Another WORLD RECORD for Tifnubu. From the Happiest and the Fastest developing country in the world under GEJ to the most INSECURE AND DANGEROUS country to be born in.
Indeed what APC cannot destroy in Nigeria does not exist.

You go cry tire. Just continue till 2031. You go tell me whether na Tinubu dey kee them

Educationalserv:
Ram is now for super rich Muslim
Majority of the voting Muslims that voted Tinibu cannot buy Rams for Sallah
Rams cost from 250 k to 1m
TInibu minimum wage is 70k
Majority of state and federal government workers earn less than 200k so they can buy ram .
Worst govt in history of Nigeria

Cry well well on behalf of the Muslims. In fact go and get admitted at the general hospital on behalf of those who cannot afford Ram

Prophet Ibrahim did not buy the Ram he used, let them wait for their Ram from Allah if they are truly serving Allah.

Why dem no carry Fubara and Rivers Elders together with the currently hungry Rotimi Amaechi?

AerialMapper:
And rhe best they can throw up is Rotimi Amaechi?

You now see that they are clowns

DMerciful:
Obi as the presidential candidate of the coalition is non-negotiable

Yes non negotiable because he is Angel Peter Obingo. How are you and your group different from Atikulation’s group that says it is either Atiku or nobody.

Anyway, we the JAGABAN Team will ensure that all the clowns contest separately so that they can be humiliated together

Clowns everywhere

casualobserver:
Lucky the apprentice dancer!

So he don dey learn dancing steps from Ade de Dancer wey get F9 Parallel for WAEC

uniquelyspecial:
Kafas makes the news. You just haven't been listening to the right news.
All you focus on is defaming Peter Obi and certain groups in certain aspects of the country, while applauding the poor performance of the Tinubu/APC government

If not that you need quick medical attention, you would not bring Tinubu into this discussion. No ket hatred kee you ooo, because we no send una, make you continue dey cry

DesChyko:
Churches that are supposed to be charity organisations are also paying ground rent.

Isorait.

Charity organisations whose sole owners have up to four different private jets?

Make dem cry well well

Truly, Tinubu destroyed many things, but he still got a lot to destroy.

He destroyed the Fuel Subsidy Cartel and the evil FOREX Cartel that held Nigerians hostage for several decades. General Abdulsalami Abubakar could not destroy them, Major General Olusegun Obasanjo couldn’t destroy them, Major General Muhammadu Buhari couldn’t destroy them, Alhaji Umar Yar’Adua couldn’t destroy them, Deacon Goatluck Jonathan will not even dream of it, but Civilian Field Marshal Emilokan JAGABAN destroyed them in the first 30 minutes in power.

Tinubu destroyed the evil State Governors that have held the local governments hostage and looted local government money since states were created in after the civil war, all successive governments could not set the local governments FREE, but Tinubu did it overnight. Tinubu arm twisted the State Governors and set the Local Governments FREE by paying LG allocations directly to LG accounts. What a destructive destruction by JAGABAN

Depriest2020:
That is the northern spirit, we show appreciation.

Complete it nah, .... unlike the hate filled people that are ingrates