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FORMER EFCC CHAIRMAN UNVEILS EXPLOSIVE BOOK ON NIGERIA’S FUEL SUBSIDY FRAUD

CapitalTimesNews / 3 weeks
0
2 min read

Abdulrasheed Bawa, the former Chairman of the Economic and Financial Crimes Commission (EFCC), has released a groundbreaking book titled “The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud”. The book provides an authoritative account of Nigeria’s multi-trillion-naira fuel subsidy scandal, exposing the inner workings of one of the country’s most pervasive financial crimes. According to Bawa, who drew from his firsthand experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud, the schemes used to siphon public funds under the guise of fuel subsidy payments were staggering in scale, complexity, and audacity. He revealed that 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. Bawa detailed multiple fraudulent strategies used to defraud the government, including ghost importing and over-invoicing, manipulation of bills of lading, round-tripping and double claims, and diversion and smuggling. He explained that these practices were enabled by forged documents, weak regulatory oversight, and systemic collusion between corrupt government officials and private sector actors. “The Shadow of Loot & Losses 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.” As a former EFCC chairman, serving 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 offers evidence-based analysis and personal reflections on one of the most controversial chapters in Nigeria’s recent history. The Shadow of Loot & Losses is essential reading for policymakers, civil society advocates, journalists, and citizens interested in understanding how systemic fraud undermines development and how it can be confronted. The book is distributed nationwide by RovingHeights Bookstore.

FG SET TO REMOVE ELECTRICITY SUBSIDY, NIGERIANS TO FACE HIGHER TARIFFS

CapitalTimesNews / 2 months

2 min read

The Federal Government has announced plans to remove electricity subsidies, warning Nigerians to prepare for higher tariffs. Minister of Power, Adebayo Adelabu, stated that the country’s economy can no longer sustain subsidies, emphasizing that “our economy cannot sustain subsidies indefinitely.” Adelabu made this declaration at a meeting with the Chairmen of Nigeria’s Generating Companies (Gencos) in Abuja, where he also highlighted the government’s commitment to providing targeted subsidies for economically disadvantaged Nigerians. “Citizens must pay the appropriate price for the energy consumed. The Federal Government will continue to provide targeted subsidies for economically disadvantaged Nigerians,” Adelabu said. The move is aimed at addressing the N4 trillion debt owed to Gencos, which has been hindering power generation in the country. Adelabu outlined a plan to settle the debt using a combination of cash payments and financial instruments like promissory notes. “There is a need to pay a substantial amount of the debt in cash. At the minimum, let us pay a substantial amount, then ask for a debt instrument in promissory notes to pay the rest,” he explained. According to the Nigerian Electricity Regulatory Commission (NERC), the average real tariff stands at N116.18 per kilowatt-hour, while consumers are currently charged N88.2 per kilowatt-hour. The subsidy cost per kilowatt-hour is represented by the gap between the real tariff and the average collection, which amounted to N27.97 kWh in February. All NESI customers, except for the 15% classified as Band A, benefit from a subsidy. The government’s decision to remove electricity subsidies has sparked concerns about the impact on Nigerians already grappling with rising living costs. Adelabu, however, assured that the government is committed to resolving the debt crisis and stabilizing the sector. “We recognise the urgency of this matter. The government is committed to resolving this debt to stabilise the sector and prevent further crisis,” he said.

CONCERNED CITIZENS DEMAND TRANSPARENCY FROM NNPCL ON FUEL IMPORTATION AND SUBSIDY PAYMENTS

Nicolas Adekeye / 5 months

2 min read

A group of concerned Nigerian citizens has called on the Nigerian National Petroleum Company Limited (NNPCL) and its Group CEO, Mele Kyari, to provide full transparency on fuel importation and alleged subsidy payments. This demand comes despite the recent fixing of local refineries. Speaking to journalists in Abuja on Tuesday, the group’s National Coordinator, Okwa Dan, condemned the continued importation of fuel while Dangote Refinery is producing and exporting refined petroleum. “Why is NNPCL planning to import one million tons of fuel in February when we have local refining capacity?” Dan questioned. The group also raised concerns over disguised subsidy payments, despite the official removal of subsidies by the Tinubu administration. Dan accused NNPCL of economic sabotage, saying, “It’s puzzling why NNPCL prioritizes foreign refiners over local production.” The Concerned Citizens of Nigeria urged the government to buy from Dangote Refinery to save forex, strengthen the local economy, and reduce inflationary pressure. “Instead of weakening the Naira with unnecessary imports, the government should support local refining and protect Nigeria’s economic interests,” Dan emphasized. The group stressed that the time for deception and economic waste is over, calling on President Tinubu to act decisively and end fuel importation. “We urge the President to support local refining, protect Nigeria’s economic interests, and ensure transparency in the oil and gas sector,” Dan concluded.

BORNO STATE GOVERNOR ANNOUNCES PETROL SUBSIDY FOR FARMERS IN INSURGENCY-HIT COMMUNITIES

Nicolas Adekeye / 6 months

2 min read

Governor Babagana Umara Zulum of Borno State has announced a significant reduction in the cost of petrol for farmers in insurgency-hit communities, from N1,200 to N600 per litre. This move aims to alleviate the financial burdens faced by farmers in communities that have suffered economic and infrastructural destruction due to years of conflict. The subsidy was announced during the flag-off ceremony for the distribution of farm inputs to over 5,000 farmers in Bama town, who were previously displaced by Boko Haram insurgents. Governor Zulum emphasized that the subsidy would help address one of the major challenges faced by farming communities in the area, namely the increasing cost of fuel for irrigation farming. “One of the major challenges that are facing the farming communities here as regards irrigation farming is the increasing cost of fuel. As a result, I want to announce to the general public that government will procure petroleum products and sell to the farmers at a subsidised rate,” Governor Zulum said. In addition to the petrol subsidy, the governor also distributed farm inputs to support the farmers. This initiative is part of the state government’s efforts to boost agricultural productivity and enhance food security in the region. Governor Zulum has also promised to construct additional tube wells for irrigation farmers, with over 100 already built and plans for an additional 250. The governor’s announcement has been welcomed by farmers in the region, who have been struggling to cope with the high cost of fuel and other agricultural inputs. The subsidy is expected to help reduce the financial burden on farmers and enable them to increase their productivity and contribute to the region’s food security.

WOMEN JOURNALISTS CALL FOR...

OHCSF DENIES PLOT TO...

EDO GOVERNOR PLEDGES 2.5...

NIGERIAN PORTS AUTHORITY SETS...

GUNMEN HIJACK BENUE LINKS...

AFRICAN FUTURE DEPENDS ON...

WOMEN JOURNALISTS CALL FOR...

OHCSF DENIES PLOT TO...

EDO GOVERNOR PLEDGES 2.5...

NIGERIAN PORTS AUTHORITY SETS...

GUNMEN HIJACK BENUE LINKS...

AFRICAN FUTURE DEPENDS ON...

FORMER EFCC CHAIRMAN UNVEILS EXPLOSIVE BOOK ON NIGERIA’S FUEL SUBSIDY FRAUD

FG SET TO REMOVE ELECTRICITY SUBSIDY, NIGERIANS TO FACE HIGHER TARIFFS

CONCERNED CITIZENS DEMAND TRANSPARENCY FROM NNPCL ON FUEL IMPORTATION AND SUBSIDY PAYMENTS

BORNO STATE GOVERNOR ANNOUNCES PETROL SUBSIDY FOR FARMERS IN INSURGENCY-HIT COMMUNITIES

NIGERIAN PORTS AUTHORITY SETS AMBITIOUS REVENUE.

GUNMEN HIJACK BENUE LINKS BUS, KIDNAP.

AFRICAN FUTURE DEPENDS ON INTEGRATING INFORMAL.

WOMEN JOURNALISTS CALL FOR PASSAGE OF.

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