ABUJA, Nigeria – The Economic and Financial Crimes Commission (EFCC) has renewed its wanted notice for Seun Ogunbambo, Managing Director of Fargo Petroleum and Gas Limited, over allegations of defrauding the Federal Government of ₦976.6 million in fraudulent oil subsidy claims.
The EFCC made the declaration via a notice signed by the commission’s Head of Media, reaffirming its commitment to bringing the fugitive businessman to justice more than a decade after the alleged crime was committed.
The Charges
According to EFCC, Ogunbambo allegedly defrauded the Federal Government in bogus oil subsidy claims to the tune of N976,653,110.28. The anti-graft agency has accused the businessman of conspiracy, forgery, and obtaining money from the Petroleum Support Fund by false pretence.
“He was facing trial before a Lagos State High Court but disappeared after being released on bail”, the EFCC stated in its recent announcement. The case dates back to 2013 when Ogunbambo was first declared wanted by the commission.
A Fugitive’s Trail
The oil subsidy fraud case has stretched over more than a decade, with Ogunbambo managing to evade Nigerian authorities after jumping bail in 2013. Mr. Ogunbambo, upon getting bail in 2013 after a series of battles in court, jumped the bail and ran out of the country but met his waterloo in another case in the United States of America.
A Nigerian businessman, Seun Ogunbambo, the Chief Executive Officer of Fargo Petroleum and Gas Limited, who was declared wanted by the Economic and Financial Crimes Commission (EFCC), over an alleged N1 billion scam, has been sentenced to 18 months’ imprisonment in the United States for fraud, according to reports from October 2022.
Broader Implications
The case forms part of a wider investigation into Nigeria’s petroleum subsidy regime that has been plagued by fraud and corruption over the years. Recent revelations by former EFCC chairman Abdulrasheed Bawa in his book suggest that Ogunbambo’s fraudulent activities may have extended beyond the initial ₦976 million claim.
Fresh details have emerged on how Oluwaseun Ogunbambo, a Nigerian businessman and managing director of Fargo Petroleum and Gas Ltd, forged several documents to claim N3.7 billion in a petrol subsidy fraud, according to Bawa’s recent publication.
The businessman is also known by several aliases, including Adekunbo Oladabo and Shobowale Benson, which he allegedly used in his fraudulent schemes.
EFCC’s Ongoing Campaign
The renewed wanted notice demonstrates the EFCC’s persistence in pursuing suspects in the petroleum subsidy fraud cases, even years after the initial charges were filed. The commission has successfully secured convictions in several related cases, including that of Brila Energy Limited and its representative, who were ordered to refund nearly ₦1 billion to the government.
The oil subsidy fraud scandal, which emerged during the investigation of Nigeria’s fuel subsidy regime in 2012, has resulted in billions of naira in losses to the Federal Government. The EFCC continues to pursue outstanding cases and suspects in its efforts to recover stolen funds and ensure accountability in the petroleum sector.
Members of the public with information about Ogunbambo’s whereabouts are encouraged to contact the EFCC or the nearest security agency. The commission has also placed the suspect on immigration watch lists to prevent his entry into Nigeria without arrest.
This case underscores the ongoing challenges Nigeria faces in combating corruption in its oil and gas sector, and the determination of anti-corruption agencies to pursue justice regardless of how long it takes.