Fargo Petroleum MD, Seun Ogunbambo has been declared needed by the EFCC over alleged N976 million Oil Subsidy Rip-off.
NewsOnline Nigeria stories that the Financial and Monetary Crimes Fee (EFCC) has declared the Managing Director of Fargo Petroleum and Gasoline 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 line 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, had been convicted and sentenced to 14 years’ imprisonment every on Tuesday, Could 27, 2025,” the Fee said 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 means of the hotline: +2348093322644, by e-mail at data@efcc.gov.ng, 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 giant), and Olabisi Abdul-Afeez (nonetheless at giant), on or concerning the ninth day of November 2011 at Lagos, throughout 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 Assist 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 means of MT Liquid Fortune Ltd Ex MT Abroad Lima, which illustration you knew to be false.”
In line with the EFCC assertion, the defendants had been initially arraigned on a 49-count cost bordering on conspiracy to acquire cash by false pretence, forgery, and the usage of false paperwork.
They had been arrested by the Fee and arraigned for acquiring the sum of N1,480,074,125.61 from the Federal Authorities of Nigeria.
The EFCC accused them of claiming that the sum represented a subsidy accruing to Nasaman Oil Companies Ltd below the Petroleum Assist Fund for the importation of 20,492,982.50 litres of Premium Motor Spirit (PMS).
The choose sentenced the defendants to 14 years’ imprisonment every, in keeping with the EFCC.
The choose additionally ordered the forfeiture of recognized belongings and accounts linked to the fraud.
Moreover, the choose issued a warrant for the arrest of each Oluwaseun Ogunbambo and Olabisi Abdul-Afeez, two different suspects nonetheless at giant.
