EFCC declares Fargo Petroleum MD wanted over subsidy fraud

DDM News

The Economic and Financial Crimes Commission (EFCC) has declared Seun Ogunbambo, the Managing Director of Fargo Petroleum and Gas Limited, wanted.

Diaspora Digital Media (DDM) reports that Ogunbambo is accused of defrauding the Federal Government of Nigeria of nearly ₦1 billion through the oil subsidy scheme.

In an official bulletin released by the EFCC, the agency alleged that Ogunbambo fraudulently obtained ₦976,653,110.28 under the Petroleum Support Fund by presenting false claims of fuel importation.

The EFCC stated that Ogunbambo was already standing trial before a Lagos State High Court when he reportedly absconded after securing bail.

His disappearance came before the final judgment in a case that also involved Mamman Nasir Ali and Christian Taylor, both of whom were convicted on Tuesday, May 27, 2025.

The court sentenced the co-defendants to 14 years in prison each after finding them guilty of their roles in the subsidy scam.

Ogunbambo, who is described as light-complexioned and fluent in English and Yoruba, was last traced to 2 Olamiyuyan Crescent in the upscale Ikoyi area of Lagos.

The EFCC has since urged members of the public with information on his whereabouts to reach out through any of its zonal offices nationwide.

These offices include those in Lagos, Enugu, Kano, Gombe, Port Harcourt, Ibadan, Benin, Kaduna, Sokoto, Makurdi, Ilorin, Maiduguri, Uyo, and Abuja.

Tip-offs can also be submitted by calling the EFCC hotline: +2348093322644 or by emailing info@efcc.gov.ng.

According to Dele Oyewale, the EFCC’s Head of Media and Publicity, the declaration is part of efforts to bring Ogunbambo to justice.

The commission noted that the fraudulent claim was part of a wider fuel subsidy scam that has cost the nation billions of naira over the years.

Ogunbambo’s escape from justice has raised concerns about Nigeria’s judicial system and its ability to ensure accountability among the elite.

He had previously been linked to other financial improprieties, although the EFCC has not confirmed whether new charges are being filed beyond the current case.

The oil subsidy regime has long been a subject of scrutiny due to widespread abuse and lack of transparency.

This latest development underscores EFCC’s renewed drive to prosecute cases that were stalled or delayed in court for years.

Observers believe the commission may widen its net as it seeks to recover stolen public funds and restore public trust in governance.

Meanwhile, Fargo Petroleum and Gas Limited has yet to issue a statement regarding its managing director’s fugitive status.

Legal experts say Ogunbambo’s bail jumping may lead to additional charges, including obstruction of justice and contempt of court.

The EFCC has appealed for cooperation from the public, promising confidentiality and protection for informants who aid in Ogunbambo’s capture.

This case is one of the high-profile subsidy fraud trials that emerged from investigations into the oil import verification process between 2010 and 2012.

During that period, Nigeria spent trillions of naira subsidizing fuel costs, with many companies allegedly receiving payments without actual deliveries.

Previous EFCC chairmen have described the subsidy scandal as one of the most damaging financial frauds in Nigeria’s history.

Civil society groups have also called for deeper reforms in subsidy administration and increased monitoring of oil sector transactions.

In 2012, a presidential committee headed by Mallam Nuhu Ribadu documented widespread abuse in fuel import claims, sparking national outrage.

The recent convictions of Ogunbambo’s co-defendants signal a shift toward greater accountability in long-drawn corruption cases.

However, critics say more must be done to prevent politically connected individuals from evading justice.

DDM will continue to follow the EFCC’s efforts and provide updates on the manhunt for Ogunbambo and other fugitives implicated in similar schemes.

For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook