Former EFCC Chairman Abdulrasheed Bawa Justifies PMS Subsidy Removal in a New Book

By AbdulRahman Obaje

The Former chairman of Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa has justifies the removal of Petroleum Motor Spirit (PMS) by the current administration of President Bola Ahmed Tinubu in his new explosive book on Nigeria’s fuel subsidy fraud. adsbygoogle || []).push({});

Bawa, in his groundbreaking new book titled ‘The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud’., give a powerful exposé providing the most authoritative account yet of Nigeria’s multi-trillion-naira fuel subsidy scandal, exposing the inner workings of one of the country’s most pervasive financial crimes.

In the book published by CableBooks, an imprint of Cable Media & Publishing Ltd, Bawa Drawing from his firsthand experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud, 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.

He details multiple fraudulent strategies as ghost importing and over-invoicing whereby Companies submitted claims for fuel that was never imported or inflated shipment volumes to receive excessive subsidy payouts.

Manipulation of bills of lading which is By altering shipping documents, fraudsters exploited international price fluctuations to claim higher subsidies.

Round-tripping and double claims whereby Single shipments were often used to obtain multiple subsidy payments.

He further revealed that there was also the problem of diversion and smuggling whereby subsidised fuel was frequently diverted to black markets or smuggled out of Nigeria for profit.

In a statement, Bawa said, “The Shadow of Loot & Losses is not just a chronicle of fraud, it is a call to action — a demand for transparency, accountability, and reform in Nigeria’s public finance management, especially in the oil sector.”

These practices, Bawa explains, were enabled by forged documents, weak regulatory oversight, and systemic collusion between corrupt government officials and private sector actors.

Having served as EFCC chairman from 2021 to 2023, Bawa brings rare credibility and insight into the institutional challenges and political dynamics that have shaped the anti-corruption fight in Nigeria. His book is both a revelation and a reckoning — offering evidence-based analysis and personal reflections on one of the most controversial chapters in Nigeria’s recent history.

President Bola Ahmed Tinubu had announced removal of fuel subsidy during his inauguration speech citing that the economy can no longer sustain it.