The {Economic} and {Financial} Crimes Fee (EFCC) has declared the Managing Director of Fargo Petroleum and Fuel Restricted, Seun Ogunbambo, needed over an alleged N976 million oil subsidy rip-off.
This was disclosed in a discover posted by the Fee on Friday.
The EFCC accused the defendant of “allegedly defrauding the Federal Authorities of Nigeria in bogus oil subsidy claims to the tune of 9 Hundred and Seventy-Six Million, Six Hundred and Fifty-Three Thousand, One Hundred and Ten Naira, Twenty-Eight Kobo (N976,653,110.28).”
In keeping with the EFCC, Ogunbambo was standing trial earlier than a Lagos State Excessive Court docket however allegedly disappeared after being launched on bail.
“His co-defendants, Mamman Nasir Ali and Christian Taylor, have been convicted and sentenced to 14 years’ imprisonment every on Tuesday, Could 27, 2025,” the Fee acknowledged in a launch signed by Dele Oyewale, Head, Media & Publicity, EFCC.
Anybody with helpful data concerning his whereabouts is suggested to contact the Fee at its Lagos, Enugu, Kano, Gombe, Port Harcourt, Ibadan, Benin, Kaduna, Sokoto, Makurdi, Ilorin, Maiduguri, Uyo, or Abuja workplaces, or by way of the hotline: +2348093322644, by electronic mail at [email protected], or on the nearest police station.
Recall that on Could 27, 2025, the Particular Offences Court docket sitting in Ikeja, Lagos, convicted and sentenced two oil entrepreneurs, Mamman Nasir Ali and Christian Taylor, to 14 years’ imprisonment every for a N2.2 billion oil subsidy fraud.
One of many counts reads: “Nasaman Oil Companies Ltd, Mamman Nasir Ali, Christian Taylor, Oluwaseun Ogunbambo (now at massive), and Olabisi Abdul-Afeez (nonetheless at massive), on or in regards to the ninth day of November 2011 at Lagos, inside the Ikeja Judicial Division, with intent to defraud, conspired to acquire the sum of N749,991,273.36 (Seven Hundred and Forty-9 Million, 9 Hundred and Ninety-One Thousand, Two Hundred and Seventy-Three Naira, Thirty-Six Kobo) from the Federal Authorities of Nigeria by falsely claiming that the sum of N749,991,273.36 represented subsidy accruing to Nasaman Oil Companies Ltd below the Petroleum Help Fund for the importation of 10,031,986 litres of Premium Motor Spirit (PMS), which Nasaman Oil Companies Ltd presupposed to have bought from SEATAC Petroleum Ltd of the British Virgin Islands and imported into Nigeria by way of MT Liquid Fortune Ltd Ex MT Abroad Lima, which illustration you knew to be false.”
In keeping with the EFCC assertion, the defendants have been initially arraigned on a 49-count cost bordering on conspiracy to acquire cash by false pretence, forgery, and using false paperwork.
The decide additionally ordered the forfeiture of recognized belongings and accounts linked to the fraud.
Moreover, the decide issued a warrant for the arrest of each Oluwaseun Ogunbambo and Olabisi Abdul-Afeez, two different suspects nonetheless at massive.
