The Economic and Financial Crimes Commission (EFCC) has declared the Managing Director of Fargo Petroleum and Gas Limited, Seun Ogunbambo, wanted over fake fuel subsidy claims.
According to a statement issued on Friday by the EFCC spokesperson, Dele Oyewale, 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.
According to the EFCC statement, that his co-defendants, Mamman Nasir Ali and Christian Taylor, 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), Abdulrasheed Bawa, has revealed that Nigeria lost $450 million to fraud under the Petroleum Support Fund (PSF) between 2006 and 2012.
