According to a statement issued on Friday by the spokesperson, , Ogunbambo defrauded the federal government to the tune of over nine hundred million naira.

The statement added that the businessman was standing trial before a Lagos State High Court, but disappeared after he was released on bail.

understands, according to the EFCC statement, that his co-defendants, and , were convicted and sentenced to 14 years imprisonment each on Tuesday, May 27, 2025.

Meanwhile, former Chairman of the Economic and Financial Crimes Commission (EFCC), , has revealed that Nigeria lost $450 million to fraud under the Petroleum Support Fund (PSF) between 2006 and 2012.

reports that Bawa made the disclosure in his newly released book titled “The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud”, which chronicles the deep-rooted corruption that plagued Nigeria’s petrol subsidy regime.

The former EFCC boss, who led a special investigation team during his tenure at the commission, stated that several oil marketers were found culpable and subsequently faced prosecution.

Bawa also provided insight into Nigeria’s broader subsidy burden, estimating that the country has spent more than ₦16.5 trillion on petrol subsidies since the return to democratic rule in 1999.