Former Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has released a revealing new book that pulls back the curtain on Nigeria’s long-running fuel subsidy scandal.
Titled The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, the book offers an insider’s account of how the country lost trillions of naira to widespread fraud under the guise of fuel subsidy payments.
Bawa, who led key investigations into the 2012 subsidy probe as an EFCC operative, provides detailed accounts of the criminal schemes used by private companies and corrupt government officials to exploit the subsidy system. He outlines how ghost importing, inflated invoices, forged shipping documents, and smuggling were used to defraud the nation on a massive scale.
“The book is not just a chronicle of fraud,” Bawa writes. “It is a call to action — a demand for transparency, accountability, and reform in Nigeria’s public finance management, especially in the oil sector.”
Published by CableBooks, an imprint of Cable Media & Publishing Ltd, The Shadow of Loot & Losses documents the billions of naira that were recovered during EFCC’s investigations and highlights how deeply entrenched corruption allowed the fraud to thrive for years.
Among the fraudulent practices exposed in the book are:
- Ghost importing and over-invoicing: Companies received payments for fuel that was never imported or for inflated quantities.
- Manipulation of bills of lading: Fraudsters exploited shipping documents and global price changes to secure higher subsidy payouts.
- Round-tripping and double claims: Some fuel shipments were used to make multiple subsidy claims.
- Diversion and smuggling: Subsidised fuel was sold on the black market or smuggled out of the country for private gain.
Bawa also sheds light on the institutional weaknesses and political resistance that hampered efforts to curb the abuse. Drawing from his tenure as EFCC chairman from 2021 to 2023, he reflects on the broader implications of subsidy fraud on national development.
The book has been described as essential reading for anyone interested in governance, public accountability, and Nigeria’s oil sector reforms. It is available nationwide through RovingHeights Bookstore.
