Seun Ogunbambo, Managing-Director of Fargo Petroleum and Gas Limited, has got declared wanted by the Economic and Financial Crimes Commission (EFCC) over alleged obtaining of fraudulent fuel subsidy payments.
In a statement released on Friday by Dele Oyewale, EFCC spokesperson, Ogunbambo, was accused of defrauding the Federal Government of over ₦900 million through false claims under the fuel subsidy programme.
The EFCC said Ogunbambo was being prosecuted at a Lagos State High Court but vanished after being granted bail, prompting his designation as a fugitive.
Meanwhile, reports emerged that his co-accused, Mamman Nasir Ali and Christian Taylor, were both convicted and handed 14-year prison sentences on Tuesday, May 27, 2025.
In a related development, former EFCC Chairman, Abdulrasheed Bawa, has exposed more details of Nigeria’s subsidy fraud in a new book titled “The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud”.
Bawa revealed that Nigeria lost around $450 million to fraudulent claims under the Petroleum Support Fund (PSF) between 2006 and 2012. As the head of a special investigative team during his time at the EFCC, Bawa said numerous oil marketers were found guilty and prosecuted.
He further disclosed that Nigeria had spent more than ₦16.5 trillion on petrol subsidies since the return to democratic rule in 1999, highlighting the scale and long-standing nature of the issue.
