The Economic and Financial Crimes Commission (EFCC) has declared Seun Ogunbambo, Managing Director of Fargo Petroleum and Gas Limited, wanted in conne
The Economic and Financial Crimes Commission (EFCC) has declared Seun Ogunbambo, Managing Director of Fargo Petroleum and Gas Limited, wanted in connection with a ₦976 million oil subsidy fraud.
In a public notice issued on Friday, June 13, the EFCC alleged that Ogunbambo defrauded the Federal Government through fraudulent subsidy claims amounting to ₦976,653,110.28.
The Commission said Ogunbambo was facing trial at the Lagos State High Court but absconded after being granted bail, prompting efforts to locate and bring him back into custody.
The EFCC, in a statement signed by its Head of Media and Publicity, Dele Oyewale, disclosed that Ogunbambo has been declared at large in connection with an ongoing fraud case.
“His co-defendants, Mamman Nasir Ali and Christian Taylor, were convicted and sentenced to 14 years’ imprisonment each on Tuesday, May 27, 2025,” the statement read.
The defendants were originally arraigned on a 49-count charge involving conspiracy to obtain money under false pretenses, forgery, and use of falsified documents.
According to the EFCC, they were accused of fraudulently obtaining ₦1,480,074,125.61 from the Federal Government.
The Commission alleged that the amount was falsely claimed as a subsidy payment to Nasaman Oil Services Ltd under the Petroleum Support Fund, supposedly for the importation of 20,492,982.50 litres of Premium Motor Spirit (PMS).
