EFCC Hunts Down Subsidy Fraud Kingpin – Seun Ogunbambo Declared Wanted

The Economic and Financial Crimes Commission (EFCC) has declared Seun Ogunbambo, Managing Director of Fargo Petroleum and Gas Limited, wanted for allegedly submitting fraudulent fuel subsidy claims.

In a statement released on Friday, EFCC spokesperson Dele Oyewale revealed that Ogunbambo is accused of defrauding the Federal Government of over ₦900 million through bogus subsidy claims.

The EFCC noted that Ogunbambo, who was facing trial at a Lagos State High Court, vanished after being granted bail. His co-accused, Mamman Nasir Ali and Christian Taylor, were convicted and sentenced to 14 years in prison each on Tuesday, May 27, 2025.

Meanwhile, former EFCC Chairman Abdulrasheed Bawa has disclosed that Nigeria lost approximately $450 million to fraud under the Petroleum Support Fund (PSF) between 2006 and 2012. The revelation is detailed in his newly released book, “The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud,” which exposes the deep-seated corruption within the subsidy regime.

Bawa, who once headed a special task force at the EFCC, explained that multiple oil marketers were indicted and prosecuted during investigations. He also estimated that Nigeria has spent over ₦16.5 trillion on petrol subsidies since the nation’s return to democracy in 1999.