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Abdulrasheed Bawa, former Chairman of the Economic and Financial Crimes Commission (EFCC), has exposed how public funds were illicitly diverted through fraudulent fuel subsidy claims.

In his recently published book titled The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, Bawa provides detailed accounts of the large-scale corruption that plagued the subsidy regime.

Drawing from his time as a lead investigator on the EFCC’s special task force that examined the infamous 2012 fuel subsidy fraud, Bawa explains how billions of naira were siphoned through non-existent fuel imports and inflated invoices. He reveals how some companies submitted subsidy claims for fuel that was never brought into the country, while others grossly overstated the volume of shipments to obtain larger payouts.

The book delves into the intricacies of what has become one of Nigeria’s most significant financial scandals, exposing the various tactics used by those involved.

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Among the schemes highlighted in the book is the manipulation of bills of lading — a practice in which perpetrators altered shipping records to exploit global fuel price changes, thereby inflating the amount claimed from the government.

Bawa, who held the EFCC chairmanship from 2021 to 2023, also exposed additional tactics such as double claims on single fuel shipments, illegal re-exportation, document forgery, and round-tripping. These fraudulent practices thrived, he noted, due to institutional lapses, forged paperwork, and a network of collusion between dishonest officials and private operators.

“Single shipments were often used to obtain multiple subsidy payments. Subsidised fuel was frequently diverted to black markets or smuggled out of Nigeria for profit.

“The Shadow of Loot And Losses is not just a chronicle of fraud; it is a call to action — a demand for transparency, accountability, and reform in Nigeria’s public finance management, especially in the oil sector,” he said.

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In 2012, a proposal to end fuel subsidies under President Goodluck Jonathan led to widespread protests across the country, with the Occupy Nigeria movement playing a central role.

That same year, the Federal Government disclosed that over ₦259 billion was paid out in subsidy reimbursements between 2011 and 2012 alone.

At his swearing-in in May 2023, President Bola Tinubu announced the end of fuel subsidies. Speaking in March 2025 during the inauguration of the National Youth Conference Planning Committee at the State House in Abuja, he explained that the decision was driven by a desire to secure a better future for Nigerian youth.

“Every decision that I have taken is about you. It’s about the future. When we removed the fuel subsidy, it was because we wanted to protect your future.
“We have cleared the path for you to have a great future,” Tinubu said.

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