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How Nigeria Was Robbed Blind: Bawa Unmasks $450M Subsidy Fraud”
Former EFCC Chairman Abdulrasheed Bawa has revealed that Nigeria lost over $450 million to fraud within the Petroleum Support Fund (PSF) between 2006 and 2012.....KINDLY READ THE FULL STORY HERE▶
The shocking disclosure is detailed in Bawa’s newly published book, “The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud,” which exposes the widespread corruption that plagued the country’s fuel subsidy system.
Bawa, who led a special investigation unit during his tenure at the Economic and Financial Crimes Commission (EFCC), said numerous oil marketing companies were implicated and prosecuted. He also estimated that Nigeria has spent more than ₦16.5 trillion on petrol subsidies since the return to democracy in 1999.
“Our investigations uncovered fraud totaling over ₦68 billion (approximately $450 million), admitted by the companies involved,” he wrote. “Out of 141 companies that benefited from the PSF scheme between 2006 and 2011, 59 were directly linked to fraudulent claims.”
He further revealed an attempted scam of ₦9.4 billion, where companies manipulated shipping documents to inflate their subsidy payments — though the fraud was ultimately thwarted by procedural safeguards.
Bawa highlighted 2011 as the peak year of subsidy fraud, with illicit claims reaching ₦41.7 billion. While around 80% of the stolen funds have been recovered, several cases remain unresolved due to ongoing court proceedings or the death of key suspects.
“These losses could have funded vital infrastructure, education, healthcare, and social services,” he lamented. “Instead, public funds were drained, worsening the national deficit and prompting budget cuts in critical sectors.”
He concluded that a “substantial portion” of the ₦16.5 trillion spent on subsidies was lost to false claims and outright theft, underscoring the need for stronger oversight and accountability in Nigeria’s oil and gas sector.
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The National Publicity Secretary of the African Democratic Congress (ADC), Bolaji Abdullahi, has disclosed that the party is experiencing a significant rise in new member registrations following recent actions by the Independent National Electoral Commission (INEC).....KINDLY READ THE FULL STORY HERE▶
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