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Former Economic and Financial Crimes Commission (EFCC) Chairman Abdulrasheed Bawa has released a groundbreaking book titled “The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud”.
What’s Inside the Book?
📖 Bawa provides an insider’s account of Nigeria’s multi-trillion-naira fuel subsidy scandal, revealing how corrupt officials and private sector actors siphoned public funds.
📖 He details fraudulent strategies, including:
- Ghost importing & over-invoicing—companies claimed subsidies for fuel that was never imported.
- Manipulation of bills of lading—shipping documents were altered to exploit price fluctuations.
- Round-tripping & double claims—single shipments were used to obtain multiple subsidy payments.
- Diversion & smuggling—subsidized fuel was illegally sold in black markets or smuggled abroad.
Why This Book Matters
📢 Bawa draws from his firsthand experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud.
📢 He explains how billions of naira were recovered and several culprits prosecuted, while exposing the systemic corruption that allowed the fraud to thrive.
📢 The book is not just a revelation—it’s a call to action for transparency, accountability, and reform in Nigeria’s oil sector.
Where to Get the Book
📚 Published by CableBooks, the book is available for purchase online and will be distributed nationwide by Roving Heights Bookstore.
💬 What are your thoughts on Bawa’s exposé? Drop your comments below! 🚀
