By Ayomide Otitoju
Former EFCC Chairman AbdulRasheed Bawa has released a revealing new book titled The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, offering the most detailed account yet of the nation’s multi-trillion-naira fuel subsidy scandal.
The book, published by CableBooks (an imprint of Cable Media & Publishing Ltd), was announced in a statement by Vic Akinrogunde on Tuesday. Drawing on his firsthand experience as a lead investigator on the EFCC’s special task force probing the 2012 subsidy fraud, Bawa exposes the scale and complexity of schemes that drained public funds through fraudulent fuel subsidy claims.
Bawa’s insider narrative outlines how billions of naira were recovered and numerous perpetrators prosecuted. The book also highlights the systemic corruption and collusion between government officials and private actors that allowed the fraud to persist for years.
Among the fraudulent methods detailed are ghost importing and over-invoicing, manipulation of bills of lading, round-tripping with double claims, and diversion of subsidized fuel to black markets and smuggling operations. These schemes were facilitated by forged documents, weak regulatory oversight, and entrenched corruption.
Bawa emphasizes that The Shadow of Loot & Losses is more than a fraud exposé — it is a call for transparency, accountability, and reform in Nigeria’s public finance management, particularly in the oil sector.
Having served as EFCC chairman from 2021 to 2023, Bawa brings unique insight into the institutional and political challenges of Nigeria’s anti-corruption efforts. His book provides both an evidence-based analysis and personal reflections on one of the country’s most controversial financial scandals.
