Former Economic and Financial Crimes Commission (EFCC) Chairman, Abdulrasheed Bawa, has exposed the staggering corruption behind Nigeria’s fuel subsidy regime, implicating top government officials and powerful business elites in a multi-trillion-naira fraud scheme.
Bawa’s explosive new book, ‘The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud’, which was announced via a statement by Vic Akinrogunde CableBooks, an imprint of Cable Media & Publishing Ltd, lays bare the intricate web of deceit that allowed billions of dollars meant for fuel subsidies to vanish into private pockets, while ordinary Nigerians suffered fuel scarcity and economic hardship.
With unique insight from his role as a lead investigator in the EFCC’s 2012 subsidy fraud probe, Bawa exposes the jaw-dropping magnitude and sophistication of the rackets that diverted public money through fake fuel subsidy claims.
The former anti-graft czar’s account not only documents the recovery of billions and prosecution of some offenders, but more critically exposes how systemic rot in the system enabled the heist to thrive unchecked for years.
Bawa systematically exposes the elaborate fraud mechanisms, beginning with ghost imports and inflated invoicing where companies deceitfully claimed subsidies for non-existent fuel shipments or exaggerated volumes to extract excessive payments.
He details how fraudsters manipulated bills of lading, artfully altering shipping documents to exploit international price variations and justify higher subsidy claims.
The scheme extended to round-tripping operations where single fuel shipments generated multiple subsidy payments through duplicate claims, while significant quantities of subsidised fuel were illegally diverted to black markets or smuggled across borders for greater profits.
These fraudulent practices, Bawa stresses, were facilitated by a toxic combination of forged documentation, woefully inadequate regulatory oversight, and institutionalised collusion between corrupt civil servants and complicit private sector operators.
“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.”
“Having served as EFCC chairman from 2021 to 2023, Bawa brings rare credibility and insight into the institutional challenges and political dynamics that have shaped the anti-corruption fight in Nigeria. His book is both a revelation and a reckoning — offering evidence-based analysis and personal reflections on one of the most controversial chapters in Nigeria’s recent history.
“The Shadow of Loot & Losses is essential reading for policymakers, civil society advocates, journalists, and citizens interested in understanding how systemic fraud undermines development and how it can be confronted.
“The book is distributed nationwide by RovingHeights Bookstore” the statement read.
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