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$450 Million Gone! Ex-EFCC Boss Exposes Jaw-Dropping Petrol Subsidy Scam

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$450 Million Gone! Ex-EFCC Boss Exposes Jaw-Dropping Petrol Subsidy ScamFormer Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has exposed how Nigeria lost approximately $450 million to fraudulent activities tied to the Petroleum Support Fund (PSF) between 2006 and 2012.

In his newly published book, “The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud,” Bawa dives into the web of corruption that plagued Nigeria’s fuel subsidy system for years.

Drawing from his time leading a special EFCC investigative team, Bawa detailed how multiple oil marketers were involved in manipulating the subsidy scheme for personal gain — many of whom were eventually prosecuted.

According to him, between 1999 and 2023, Nigeria spent over ₦16.5 trillion on petrol subsidies. He said that of the 141 companies participating in the PSF from 2006 to 2011, 59 were implicated in fraudulent transactions totaling more than ₦68 billion (roughly $450 million).

“These scams involved inflated claims, fake documentation, and forged shipping records designed to extract higher subsidy payments,” Bawa wrote. “For instance, some marketers falsified bills of lading to match fabricated vessel arrival dates, trying to exploit loopholes in the subsidy guidelines. Although these attempts were thwarted in some cases, the scale of fraud was enormous.”

While 2006 and 2007 appeared relatively clean, Bawa noted that large-scale fraud emerged between 2008 and 2011. In 2011 alone — the worst year for the subsidy scandal — fraudulent claims amounted to ₦41.7 billion.

“Roughly 80% of the stolen funds have been recovered,” he said. “However, the remaining losses are tied up in unresolved court cases or individuals who are now deceased.”

He lamented that such monumental theft robbed Nigeria of much-needed funds for development, impacting essential sectors like education, healthcare, and social programs.

“Over the past 25 years, trillions have been spent — and a significant portion siphoned — under the guise of fuel subsidies,” Bawa concluded. “This mismanagement has deepened Nigeria’s fiscal woes and led to funding shortfalls across critical areas.”

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Crime

Fresh Wave Of Insecurity: Pregnant Woman And Several Residents Abducted In Niger And FCT

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1 week ago

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November 28, 2025

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Fresh Wave Of Insecurity: Pregnant Woman And Several Residents Abducted In Niger And FCT

Nigeria continues to face serious security challenges as multiple communities in Niger State and the Federal Capital Territory (FCT) experienced coordinated attacks this week. These incidents come just days after the abduction of students from St. Mary’s Catholic School in Niger State……CONTINUE READING

New Abduction in Niger State

Residents of Palaita community in Erena Ward, Shiroro Local Government Area were thrown into distress on Wednesday when armed groups invaded a rice farm and abducted several workers, including a pregnant woman. Community sources estimated the number of kidnapped victims to be around 24, while the Niger State Police Command confirmed 10 abductions as investigations continue.

Eyewitnesses said the incident occurred around 2:00 p.m. while farmers were busy harvesting their crops. Despite the community’s close proximity to a military base in Erena, the attackers escaped before security personnel arrived.

In a separate incident in Kakuru community, also in Erena Ward, residents reported that a visually impaired man was assaulted after refusing to hand over a mobile phone. The victim was given first aid, though his current condition remains unclear.

Police spokesperson, SP Wasiu Abiodun, confirmed the attacks, assuring that security agencies are actively working to rescue the victims and restore calm in the affected areas.

Fresh Abductions in the FCT

In Abuja, communities in the Bwari Area Council faced renewed tension following another night attack in Gidan-Bijimi, a settlement near the Kaduna boundary. Six young women and a 16-year-old boy were taken during the raid, according to residents.

The attack, which occurred around 9:47 p.m. on Wednesday, created panic among locals already concerned by previous incidents in the region. Local vigilance groups attempted to intervene but retreated due to limited resources.

As of Thursday morning, families reported that no contact had been made with the attackers, while police were still verifying the details.

Church Confirms Passing of Kaduna Cleric

The Diocese of Kaduna, Anglican Communion, has announced the death of Venerable Edwin Achi, who was abducted in October along with his wife and daughter. His passing was described as a deep loss to the Diocese and the wider Christian community. The Church also announced the cancellation of the upcoming “Stand Up for Jesus 2025” event in his honour.

The Diocese assured that prayers continue for the safe return of his wife and daughter.

Federal Government Responds to Rising Insecurity

Minister of Defence, Mohammed Badaru Abubakar, reaffirmed that the Nigerian military is intensifying efforts to eliminate criminal networks responsible for attacks across the country. He explained that intermittent assaults are typical of guerrilla-style tactics but insisted that security forces are “working day and night” to restore normalcy.

He further confirmed that the Federal Government has launched a full investigation into recent school abductions, including claims that security personnel were withdrawn prior to an incident in Kebbi State.

Police Redeploy Over 11,000 Personnel

Inspector-General of Police, Kayode Egbetokun, revealed that 11,566 police officers previously assigned to VIP protection have now been deployed to underserved communities to strengthen grassroots security.

He stated that the initiative is part of broader reforms aimed at improving community policing and ensuring fair distribution of manpower nationwide.

Cardinal Onaiyekan Calls for Better Equipment, Not More Personnel

Catholic Cardinal John Onaiyekan called on the Federal Government to prioritize properly equipping the officers already serving across the country rather than recruiting additional personnel. The Cardinal emphasized the need for immediate action, stressing that adequately supported police officers are capable of confronting insecurity.

Experts and Community Leaders Advocate Unity

Former Senator Shehu Sani and humanitarian organizations participating in the 9th International Conference on Love and Tolerance urged Nigerians to embrace unity, understanding, and dialogue. They highlighted the importance of addressing root causes of conflict, promoting peaceful coexistence, and supporting security agencies with the resources they need to protect communities.

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Crime

Dalung Breaks Silence: TikTok Chat With Bandit Exposes Deep Secrets Behind The Violence

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1 week ago

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November 28, 2025

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Dalung Breaks Silence: TikTok Chat With Bandit Exposes Deep Secrets Behind The Violence

Former Minister of Sports, Solomon Dalung, has opened up about a surprising and thought-provoking conversation he once had with a young man who claimed to be living in the bush as a bandit. Dalung shared the experience during an interview with News Central, explaining how the encounter gave him a deeper understanding of the issues fueling insecurity……CONTINUE READING

According to Dalung, he was browsing TikTok when he came across the young man, who openly described himself as someone living in the forest due to ongoing conflict. Curious, Dalung asked why they engaged in violent activities. The young man responded that they had suffered losses themselves and felt targeted by vigilante groups who, according to him, harmed their people and took their cattle. This, he said, pushed them into retaliation and led them deeper into the bush.

Dalung explained that he challenged the young man, pointing out that innocent people—including other Fulani individuals—were being harmed in the process. The young man replied that, from their viewpoint, only those living in the bush were considered part of their community, while anyone living in town was seen differently. It was a response that, according to Dalung, revealed how distorted perceptions can worsen the cycle of conflict.

Wanting to know if there was any path toward peace, Dalung asked what could help end the violence. The young man shared that they were open to negotiation and discussions that could encourage them to give up their weapons and reintegrate into society. Dalung noted that the confidence with which the young man spoke was unsettling, but it also showed that dialogue could be part of the solution.

Reflecting on the experience, Dalung urged the National Assembly to consider constitutional changes that would allow Nigerians the legal right to defend themselves responsibly, especially in areas affected by insecurity.

His conversation serves as a reminder of how complex the nation’s security challenges are—and how personal engagement, understanding, and strategic dialogue may help chart a way forward.

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Oyo State: Millions Lost As Fire Damages Two Residential Buildings In Ibadan And Kishi

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1 week ago

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November 28, 2025

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Oyo State: Millions Lost As Fire Damages Two Residential Buildings In Ibadan And Kishi

Oyo State

Two separate fire incidents have destroyed properties worth millions of naira in Oyo State, affecting residential buildings in both Ibadan and Kishi on Wednesday night…..CONTINUE READING

The first incident occurred at 17 Prestige Estate, Joop Bad Hour Crescent, Onirele, Ibadan, where the living room of a four-bedroom duplex was severely damaged. Although the fire consumed valuable household items, no injuries or loss of life were recorded.

In Kishi town, a second fire broke out at 1 Alhaji Rosco Street, Ajangba Area, where the generator room of another four-bedroom residence was engulfed. The blaze also affected property worth millions of naira before firefighters arrived.

Chairman of the Oyo State Fire Service, Hon. Maroof Akinwande, confirmed both incidents on Friday. He praised the swift response of fire officers, noting that their timely intervention prevented the flames from spreading to other parts of the buildings.

According to Akinwande:

“When we arrived, the living room of the duplex was already on fire. Our officers launched a prompt and coordinated attack, preventing the fire from spreading further. No casualty was recorded, and properties worth millions were saved. The cause of the incident is still under investigation.”

He added that the Kishi incident was also contained quickly:

“Upon arrival, we discovered the generator room was completely engulfed. Our firemen acted immediately and stopped the fire from reaching the main building. It was fully extinguished in record time.”

The Oyo State Fire Service has urged residents to prioritize safety measures, maintain electrical and generator installations, and report emergencies promptly to reduce losses.

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