Fuel subsidy scandal: Ex-EFCC boss Bawa exposes $450m fraud

• Former EFCC chairman, Abdulrasheed Bawa, has revealed that Nigeria mislaid implicit $450 cardinal to subsidy fraud nether the Petroleum Support Fund (PSF) strategy betwixt 2006 and 2012
• He made this revelation successful his recently released publication titled "The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud"
• Bawa, who served arsenic president from February 2021 to June 2023, exposed the systemic corruption wrong the subsidy strategy and its devastating interaction connected Nigeria’s economy

Legit.ng journalist Esther Odili has implicit 2 years of acquisition covering governmental parties and movements.

The erstwhile president of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has stated that implicit $450m was mislaid to subsidy fraud nether the Petroleum Support Fund strategy betwixt 2006 and 2012.

Ex-EFCC brag Bawa exposes the petroleum subsidy fraud that drained Nigeria’s system successful a caller book. Photo credit: EFCC Nigeria
Source: Facebook

In his caller book, "The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud," Bawa documents the monolithic fraud that marred the scheme.

The erstwhile EFCC brag said immoderate of the indicted lipid marketers were prosecuted and jailed, portion 80 percent of the stolen funds person been recovered.

He added that Nigeria has spent implicit N16.5 trillion connected petrol subsidy since the instrumentality of ideology successful 1999.

“Our investigations revealed that, arsenic admitted by the lipid selling companies involved, fraud related to petroleum subsidies exceeded N68 billion, which translates to implicit $450 cardinal successful nonstop fraudulent activities. This fraud progressive 59 retired of the 141 companies that participated successful the PSF strategy from 2006 to 2011. We besides uncovered fraudulent claims amounting to N19.6 cardinal connected issues related to traders (sellers), of which the lipid selling companies denied knowing thing about,” Bawa wrote.

In his caller book, ex-EFCC brag speaks connected however substance subsidy scam impacted heavy connected the nation's economy. Photo credit: EFCC Nigeria
Source: Facebook

$450 cardinal subsidy fraud: Its interaction connected Nigeria's economy

Bawa added that a “substantial information of the expenditure” was linked to mendacious claims and theft from the nationalist treasury.

He said the fraudulent diversion of subsidised petroleum products to achromatic markets and export channels resulted successful important substance shortages, thereby contributing to inflationary pressures successful the economy.

Bawa added that corruption and fraud wrong the petroleum subsidy strategy besides deterred overseas investment, peculiarly successful the downstream assemblage of the economy.

“Within 7 years of the instauration of the Petroleum Support Fund (PSF) scheme, Nigeria disbursed a staggering full of astir N5.755 trillion successful subsidies. The breakdown of the payments made to Nigerian National Petroleum Corporation (NNPC) and different Oil Marketing Companies (OMC) reflects the standard and interaction of the subsidy authorities connected the Nigerian system during the period,” Bawa added.

Meanwhile, Legit.ng reported that successful May 2023, President Bola Tinubu announced the removal of the substance subsidy, though the measurement had further driven up hardship and mismanagement of nationalist funds.

Read much connected Abdulrasheed Bawa:

• DSS releases erstwhile EFCC president Abdulrasheed Bawa, video emerges
• Tears arsenic erstwhile EFCC president Bawa loses mother, details emerge

2027 election: Group berates Bawa

Earlier, Legit.ng reported that a civilian nine group, the Citizens Forum for Transparency and Integrity (CFTI), accused Bawa of conspiring with absorption figures to undermine President Bola Tinubu’s medication up of the 2027 wide elections.

The radical claimed that Bawa held caller meetings successful London with absorption leaders and "third force" actors, adding that the discussions allegedly centered connected utilizing his erstwhile contacts wrong the EFCC to analyse 4 ministers successful Tinubu’s cabinet.

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Source: Legit.ng