Former Economic and Financial Crimes Commission (EFCC) Chairman Abdulrasheed Bawa has released a comprehensive exposé detailing Nigeria’s multi-trillion-naira fuel subsidy scandal in his new book “The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud.”
The book, published by CableBooks, an imprint of Cable Media & Publishing Ltd, provides what is described as the most authoritative account of one of Nigeria’s most pervasive financial crimes. Bawa draws from his direct experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud case.
Having served as EFCC chairman from 2021 to 2023, Bawa chronicles how billions of naira were recovered and several perpetrators prosecuted, while revealing how entrenched corruption enabled the fraud to persist for years. His insider narrative exposes the staggering scale and complexity of schemes used to siphon public funds through fraudulent fuel subsidy claims.
The former anti-graft chief details multiple fraudulent strategies that characterised the scandal. These include ghost importing and over-invoicing, where companies submitted claims for fuel that was never imported or inflated shipment volumes to receive excessive subsidy payments. He also exposes the manipulation of bills of lading, through which fraudsters altered shipping documents to exploit international price fluctuations and claim higher subsidies.
The book reveals how round-tripping and double claims allowed single shipments to generate multiple subsidy payments, while subsidised fuel was frequently diverted to black markets or smuggled out of Nigeria for profit. Forged documents, weak regulatory oversight, and systematic collusion between corrupt government officials and private sector actors facilitated these practices.
Bawa stated that his work extends beyond merely documenting fraud. He positions the book as a call to action, demanding transparency, accountability, and comprehensive reform in Nigeria’s public finance management, particularly within the oil sector.
The publication offers evidence-based analysis combined with personal reflections on what many consider one of the most controversial chapters in Nigeria’s recent history. Bawa’s unique position as investigator and former EFCC chairman provides rare credibility and insight into the institutional challenges and political dynamics that have shaped Nigeria’s anti-corruption efforts.
The book is being distributed nationwide by RovingHeights Bookstore and is targeted at policymakers, civil society advocates, journalists, and citizens seeking to understand how systematic fraud undermines national development and how such corruption can be effectively confronted.
The release comes at a time when Nigeria continues to grapple with subsidy-related corruption and seeks sustainable solutions to its petroleum sector challenges.
Follow the AkweyaTV channel on WhatsApp: https://whatsapp.com/channel/0029Va7m7dvJuyA7h5XMc22i
