Former Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has authored a revealing new book chronicling Nigeria’s controversial fuel subsidy regime, exposing large-scale fraud and systemic corruption.
Titled The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, the book offers what is described as the most comprehensive insider account yet of the multi-trillion-naira subsidy scandal that rocked the nation, particularly in the aftermath of the 2012 fuel crisis.
Bawa, who served as EFCC boss between 2021 and 2023, draws on his experience as a lead investigator on the commission’s special task force that probed the 2012 subsidy fraud. In the book, he uncovers how public funds were siphoned off through fake import claims, over-invoicing, and forged documents—all under the pretense of fuel subsidy payments.
According to Bawa, several schemes were employed to defraud the country, including ghost importing, manipulation of shipping documents, round-tripping, and the smuggling of subsidised fuel to neighbouring countries.
He writes that these practices were made possible through collusion between government officials and private companies, aided by weak regulatory systems and a lack of transparency.
> “The Shadow of Loot & Losses is not just a chronicle of fraud,” Bawa said. “It is a call to action — a demand for transparency, accountability, and reform in Nigeria’s public finance management, especially in the oil sector.”
Published by CableBooks, an imprint of Cable Media & Publishing Ltd., the book is already sparking interest in policy and civil society circles. It is being distributed nationwide through RovingHeights Bookstore.
Bawa’s account provides not only detailed case evidence but also reflections on Nigeria’s long-standing struggles with corruption in the oil and gas industry.
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