Former EFCC chairman lifts lid on fuel subsidy fraud in new exposé

Summary

• Former EFCC chairman Abdulrasheed Bawa releases a revealing book on Nigeria’s fuel subsidy scandal
• ‘The Shadow of Loot & Losses’ details multi-trillion-naira fraud and the mechanisms behind it
• Book draws from Bawa’s firsthand experience investigating the 2012 subsidy probe

Abuja, Nigeria — Abdulrasheed Bawa, the former chairman of the Economic and Financial Crimes Commission (EFCC), has published a powerful new book exposing the full extent of Nigeria’s fuel subsidy fraud.

Titled The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, the book is described as the most authoritative account yet of one of Nigeria’s most staggering financial scandals.

Drawing from his role as a key investigator in the EFCC’s 2012 subsidy probe, Bawa uncovers the methods used to siphon trillions of naira from public funds under the pretext of subsidy payments.

The book highlights a range of fraudulent practices, including ghost importing, over-invoicing, manipulated shipping documents, round-tripping, double claims, and the smuggling of subsidised fuel to black markets.

According to Bawa, these schemes were made possible through forged documents, weak oversight, and collusion between corrupt officials and private firms.

An  image showing the book’s front cover

Published by CableBooks, an imprint of Cable Media & Publishing Ltd, the exposé not only narrates how billions were recovered and suspects prosecuted, but also calls for urgent reforms in Nigeria’s oil sector and public finance systems.

“The Shadow of Loot & Losses is not just a chronicle of fraud,” Bawa said. “It is a call to action — a demand for transparency, accountability, and reform.”

The book is available nationwide through RovingHeights Bookstore.