‘The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud’ authored by Abdulrasheed Bawa, former chairman of the Economic and Financial Crimes Commission (EFCC), is now available for purchase online.
Published by Cable Books, an imprint of Cable Media and Publishing Ltd, the book was released on Wednesday and will be distributed nationwide by Roving Heights, the nation’s most respected bookstore.
The book can also be purchased at the following locations in Lagos, Kaduna, Abuja and Oyo.
Advertisement
In the book, Bawa drew from his experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud to detail how the petrol scheme was used to syphon public funds.
He narrated how a series of subsidy fraud were executed through falsification of imported volumes, alteration of bill of landing dates, single importation with double subsidy payments, and round tripping.
Bawa served as the chairman of the anti-graft agency from February 2021 to June 2023 when he was suspended by President Bola Tinubu over allegations of abuse of office.
Tinubu announced the end of the petrol subsidy regime on May 29, 2023, during his swearing-in ceremony.
Three months later, TheCable reported that Tinubu was considering a “temporary subsidy” on petrol in response to rising crude oil prices and fluctuations in the foreign exchange market.
Advertisement
The president later approved a request by NNPC to utilise the 2023 final dividends due to the federation to pay for petrol subsidy.
NNPC initially denied the existence of petrol subsidy, but later announced that the federal government owes the company N7.8 trillion for the scheme.
