BAWA UNLEASHES BOMBSHELL: NIGERIA’S FUEL SUBSIDY FRAUD EXPOSED
GREATRIBUNETVNEWS-Former EFCC chairman Abdulrasheed Bawa’s new book, “The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud”, reveals the staggering scale of fuel subsidy fraud in Nigeria .
KEY ISSUES:
– Ghost Importing and Over-Invoicing : “Companies submitted claims for fuel that was never imported or inflated shipment volumes to receive excessive subsidy payouts”.
– Manipulation of Bills of Lading : “By altering shipping documents, fraudsters exploited international price fluctuations to claim higher subsidies”.
– Round-Tripping and Double Claims : “Single shipments were often used to obtain multiple subsidy payments”.
– Diversion and Smuggling : “Subsidised fuel was frequently diverted to black markets or smuggled out of Nigeria for profit”.
QUOTES:
– “The Shadow of Loot & Losses is not just a chronicle of fraud,” says Bawa. “It is a call to action — a demand for transparency, accountability, and reform in Nigeria’s public finance management, especially in the oil sector”.
– “These practices, Bawa explains, were enabled by forged documents, weak regulatory oversight, and systemic collusion between corrupt government officials and private sector actors”
The book is distributed nationwide by RovingHeights Bookstore.
*SIGNED*
*Vic Akinrogunde*
*CableBooks, an imprint of Cable Media & Publishing Ltd.*
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