Seun Ogunbambo Wanted for ₦976m Fuel Subsidy Fraud

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

The agency accused him of defrauding the Federal Government of ₦976 million through false subsidy claims.

In a statement on Friday, the EFCC said Ogunbambo submitted forged documents to claim funds from the Petroleum Support Fund.

The Commission stated that Ogunbambo was standing trial at the Lagos High Court but vanished after receiving bail.

EFCC spokesperson Dele Oyewale confirmed the development. He added that Ogunbambo’s co-defendants, Mamman Nasir Ali and Christian Taylor, were sentenced on May 27, 2025.

The Special Offences Court in Ikeja had found both men guilty of a ₦2.2 billion subsidy fraud.

Each received a 14-year jail term.

Details of the Subsidy Scheme

According to court documents, Ogunbambo and others submitted false claims totaling over ₦749 million.

They alleged that Nasaman Oil Services imported over 10 million litres of fuel in 2011.

However, investigators discovered the import never happened. The documents they submitted were fake.

One of the charges reads:

“Nasaman Oil Services Ltd, Mamman Nasir Ali, Christian Taylor, Oluwaseun Ogunbambo (now at large), and Olabisi Abdul-Afeez (still at large), on or about November 9, 2011, conspired to obtain ₦749,991,273.36 by claiming it was for imported fuel. The fuel was allegedly purchased from SEATAC Petroleum Ltd and shipped via MT Liquid Fortune. This claim turned out to be false.”

In addition, they tried to obtain ₦1.48 billion by using another set of fake documents.

The EFCC charged the group with 49 counts, including conspiracy and forgery.

Following the conviction of Ali and Taylor, the court ordered the seizure of related assets and bank accounts.

The court also issued arrest warrants for Ogunbambo and Olabisi Abdul-Afeez. Both remain missing.

EFCC Seeks Public Support

The EFCC has asked the public to assist in locating Ogunbambo.

People with useful information should contact the Commission via +2348093322644 or [email protected].

They may also report to the nearest EFCC office or police station.

The EFCC vowed to continue pursuing individuals behind subsidy fraud. The agency said it would not stop until all suspects are brought to justice.