A former Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has released a groundbreaking new book titled ‘The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud’.

This exposé provides the most authoritative account yet of Nigeria’s multi-trillion-naira fuel subsidy scandal, unraveling the inner workings of one of the country’s most pervasive financial crimes.

According to a statement signed by Vic Akinrogunde, drawing from his firsthand experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud, Bawa reveals the staggering scale, complexity, and audacity of the schemes used to siphon public funds under the guise of fuel subsidy payments.

His insider narrative chronicles how billions of naira were recovered and several culprits brought to justice, while also shedding light on how entrenched corruption allowed the fraud to flourish for years.

In the book, published by CableBooks, an imprint of Cable Media & Publishing Ltd, Bawa details multiple fraudulent strategies including: Ghost importing and over-invoicing; companies submitted claims for fuel that was never imported or inflated shipment volumes to receive excessive subsidy payouts; manipulation of bills of lading; by altering shipping documents.