Abdulrasheed Bawa, the former chairman of the Economic and Financial Crimes Commission (EFCC), has authored a book that exposes the massive fraud behi
The book which is titled, The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, offers an insider’s perspective into one of Nigeria’s most significant financial scandals.
In this compelling exposé, Bawa draws on his direct experience as a lead investigator on the EFCC’s 2012 special task force on subsidy fraud. He meticulously outlines how billions of naira were siphoned from public funds through complex and brazen schemes disguised as fuel subsidy claims.
The book details various fraudulent practices, which include:
1. Phantom imports and inflated invoices
Claims were submitted for fuel that was never brought into the country, or for quantities grossly overstated to attract higher subsidy payments.
2. Manipulated shipping documents
Fraudsters tampered with bills of lading to benefit from fluctuating global oil prices.
3. Multiple claims for a single cargo
This act which is also known as round-tripping, allowed companies to claim the same subsidy more than once.
4. Diversion and illegal exportation
Subsidized fuel was often smuggled out or sold in black markets, both within and outside Nigeria.
Bawa asserted that these schemes were enabled by forged documentation, lax oversight, and widespread collusion between corrupt officials and private sector players.
The former EFCC boss who led the anti-graft agency from 2021 to 2023, used his unique vantage point to explore the deeper institutional and political factors that have both driven and hindered anti-corruption efforts in Nigeria.
The book also combines investigative insight with personal reflection, offering readers a sobering look at how entrenched corruption has stifled development in Africa’s largest oil-producing nation.
The book is recommended for policymakers, journalists, civil society leaders, and concerned citizens alike.
