Connect with us

Latest News

How Nigeria Was Robbed Blind: Bawa Unmasks $450M Subsidy Fraud”

Published

on

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.

[BREAKING] Full List: ADC Appoints Oyegun, Utomi, Sam Amadi, 47 Others.

“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.

He Was More Than a Teammate” – Diaz Says Jota’s Death Haunted His Anfield Departure

“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.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Advertisement

latest

ADC Reports Sharp Rise In New Members After INEC Decision.

Published

on

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▶

Speaking during an interview on Channels Television on Monday, April 20, 2026, Abdullahi attributed the growing interest to developments involving prominent political figures such as David Mark and Rauf Aregbesola, which he said have drawn increased public attention to the political landscape.

He explained that many Nigerians are becoming more engaged in political activities as they closely observe unfolding events and seek to participate more actively in the democratic process.

[BREAKING] Full List: ADC Appoints Oyegun, Utomi, Sam Amadi, 47 Others.

According to him, the situation has heightened awareness among citizens, leading to increased political participation and a steady influx of new members into the party.

Abdullahi stated that the surge in registrations became noticeable after INEC’s decision affecting David Mark, noting that many Nigerians now have a clearer understanding of ongoing political developments.

The development comes amid an ongoing leadership crisis within the ADC, with factions led by Nafiu Bala and David Mark both laying claim to the party’s structure.

The dispute, which dates back to July 2025 following the emergence of an opposition coalition, has resulted in prolonged legal battles.

Tensions Flare in FCT as Wike Moves to Compensate Displaced Villagers!

Citing a March 12 judgment of the Court of Appeal, INEC announced that it would not recognise either faction, a position conveyed in a statement by its National Commissioner for Information and Voter Education, Mohammed Haruna.

The electoral body added that it would refrain from engaging with both groups, including participation in their meetings, congresses, or conventions, pending the outcome of a case before a Federal High Court.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

Tension In UK As Nigerians Push For INEC Chairman’s Removal Ahead Of 2027.

Published

on

A group of Nigerians has staged a protest at the United Kingdom Parliament, calling for the removal of the Chairman of the Independent National Electoral Commission (INEC) ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

The demonstrators reportedly gathered outside the parliamentary complex, expressing dissatisfaction with the leadership of the electoral body in Nigeria and demanding immediate action.

Fake Protest Claims Against Eric Chelle's Super Eagles Appointment Denied By NANS

They insisted that the INEC chairman should be removed, alleging concerns over credibility and trust in the electoral process as the country prepares for the next election cycle.

Tensions Flare in FCT as Wike Moves to Compensate Displaced Villagers!

The protest drew attention from passersby and security personnel, as the group maintained their position that electoral reforms and leadership changes were necessary to restore public confidence.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

“My Nightclubs Are The Least Of What I Do” — Sir Uyi Fires Back At Critics.

Published

on

Sir Uyi has responded strongly to critics of his involvement in nightclub businesses, insisting that such ventures represent only a small part of his wider activities.....KINDLY READ THE FULL STORY HERE▶

In a firm reaction to recent criticism linked to Vaniti, he stated that people are focusing too much on his nightlife businesses while ignoring other aspects of his work and achievements.

FG Opens Niger Delta Development Commission Scholarship Portal, Announces Deadline, See Full Details.

He stressed that his nightclub operations do not define his entire identity or professional portfolio, adding that he is involved in several other ventures beyond entertainment and hospitality.

According to him, the criticism reflects a narrow perception of what he does, and he believes his broader contributions are being overlooked.

Fake Protest Claims Against Eric Chelle's Super Eagles Appointment Denied By NANS

Sir Uyi maintained that he remains focused on his various commitments despite public scrutiny surrounding his nightlife business interests.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

Trending

Copyright © 2023 NIVONEWS

×