How $450 Million Fuel Subsidy Money Was Stolen – Ex-EFCC Boss

Nigeria lost an estimated $450 million to a fuel subsidy fraud scheme between 2006 and 2012, according to Abdulrasheed Bawa, former EFCC chairman.

He said law enforcement agencies were also beneficiaries of the scam.

In his new book and a televised interview, Bawa revealed that officers responsible for upholding the law were among those who profited from the subsidy abuse under the now-defunct Petroleum Support Fund (PSF).

Bawa noted that while several oil marketers were convicted and about 80 percent of the funds recovered, efforts must now focus on preventing the re-looting of recovered assets and rebuilding global confidence in Nigeria’s anti-corruption systems.

In his words:

“Everybody was benefitting from the scale and the scam, including law enforcement. People can be compromised in such a way that they will look the other way around. It’s a general thing.

“Nigeria should be able to challenge the international community that is always thinking negative about our country.

“This idea of relooting the loot shouldn’t be discussed against us as a country. Nigerians and non-Nigerians should have the ability to trust in our leaders.”

“It has now become like a norm among us Nigerians to take in what the international community perceives us to be.”