The Economic and Financial Crimes Commission (EFCC) has declared Seun Ogunbambo, the Managing Director of Fargo Petroleum and Gas Limited, wanted over an alleged N976 million oil subsidy scam.
This was announced in a statement released on Friday by the Commission’s Head of Media & Publicity, Dele Oyewale.
According to the EFCC, Ogunbambo is accused of “allegedly defrauding the Federal Government of Nigeria in bogus oil subsidy claims to the tune of Nine Hundred and Seventy-Six Million, Six Hundred and Fifty-Three Thousand, One Hundred and Ten Naira, Twenty-Eight Kobo (N976,653,110.28).”
The agency said Ogunbambo was standing trial at a Lagos High Court but went into hiding after being granted bail. His co-defendants—Mamman Nasir Ali and Christian Taylor—were both convicted and sentenced to 14 years in prison on May 27, 2025.
“His co-defendants… were convicted and sentenced to 14 years’ imprisonment each,” the EFCC stated, adding that Ogunbambo’s name appeared in the original 49-count charge of conspiracy, forgery, and obtaining money by false pretence.
The Commission is urging the public to assist in locating the fugitive. Anyone with useful information is advised to report to any EFCC office nationwide or the nearest police station, or contact the agency via phone at +2348093322644 or email at [email protected].
Backstory
Ogunbambo was one of five individuals charged in connection with a fraudulent subsidy claim by Nasaman Oil Services Ltd. One of the charges alleges that the group conspired to falsely claim over N749 million for the importation of over 10 million litres of Premium Motor Spirit (PMS), which they purportedly sourced from SEATAC Petroleum Ltd, British Virgin Islands.
“Which representation you knew to be false,” one of the counts reads, referring to Ogunbambo and another at-large defendant, Olabisi Abdul-Afeez.
The EFCC says the group fraudulently obtained a total of N1.48 billion from the Federal Government under the Petroleum Support Fund.
The court has also ordered the forfeiture of assets and accounts linked to the convicted individuals and issued arrest warrants for Ogunbambo and Abdul-Afeez.
This latest development is part of an ongoing crackdown on subsidy-related fraud that has plagued Nigeria’s oil sector.
