By Muhammad Sulaiman
Abdulrasheed Bawa, former chairman of the Economic and Financial Crimes Commission (EFCC), has released a revealing new book that exposes the depth of corruption in Nigeria’s petroleum subsidy regime.
Titled The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud, the book offers a detailed, insider account of one of the country’s most expensive financial scandals. Drawing from his experience as a lead investigator in the 2012 probe into fuel subsidy fraud, Bawa unveils how trillions of naira were siphoned through fraudulent schemes.
According to the book, corrupt practices ranged from ghost importing and over-invoicing to manipulating shipping documents and round-tripping—all of which were aimed at exploiting the subsidy payment system.
Bawa also highlights the roles played by both complicit officials and private sector actors, citing systemic weaknesses and widespread collusion.
“This 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 now available nationwide through RovingHeights Bookstore. It is already being hailed as essential reading for policymakers, journalists, and anyone concerned with governance and accountability in Nigeria.