Abdulrasheed Bawa, former Chairman of the Economic and Financial Crimes Commission (EFCC), has unveiled a powerful new book exposing the depth and scale of Nigeria’s notorious fuel subsidy fraud. Titled The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, the book presents the most comprehensive insider account to date of one of the country’s most damaging financial scandals.

Published by CableBooks, an imprint of Cable Media & Publishing Ltd., the exposé draws directly from Bawa’s experience as a lead investigator on the EFCC’s 2012 probe into the fuel subsidy scheme. It offers a rare glimpse into the systemic corruption that plagued the subsidy regime, detailing how trillions of naira were stolen through fraudulent claims and forged documentation.

Bawa outlines several key fraud strategies uncovered during the investigations, including:

Ghost importing and over-invoicing: Companies falsely claimed to have imported fuel or inflated volumes to claim excessive subsidies.

Manipulation of shipping documents: Fraudsters altered bills of lading to exploit international price variations and inflate subsidy payments.

Round-tripping and double claims: Single fuel shipments were often used to secure multiple subsidy payments.

Diversion and smuggling: Subsidised fuel was routinely diverted to black markets or smuggled out of Nigeria for profit.

 

“These practices were enabled by collusion between corrupt officials and private sector actors, forged documents, and grossly inadequate regulatory oversight,” Bawa reveals.

 

He describes the book not only as a historical record but as “a call to action — a demand for transparency, accountability, and reform in Nigeria’s public finance management, especially in the oil sector.”

 

Bawa served as EFCC chairman from 2021 to 2023, bringing significant credibility to the narrative. His book blends evidence-based analysis with personal insights, shedding light on the institutional barriers and political interference that continue to hinder Nigeria’s anti-corruption efforts.

 

*The Shadow of Loot & Losses* is recommended for policymakers, journalists, civil society leaders, and all citizens committed to the fight against corruption. It is available for purchase nationwide through RovingHeights Bookstore.

 

Signed:

Vic Akinrogunde

CableBooks, an imprint of Cable M

edia & Publishing Ltd