N6bn Subsidy Fraud: Police Goes After Suspects

By Alphonsus E.W

Fuel subsidy

The Special Fraud Unit (SFU) of the Nigeria Police Force has launched a manhunt for the 3 alleged fuel subsidy fraudsters who swindled the Federal Government to the tune of N6 Billion during the subsidy regime.

The SFU in a statement signed by the Police Public Relations Officer (PPRO), DSP Ngozi Isintume-Agu, declared that the Managing Director of Eurafric Oil and Coastal Services Limited, Tony Onoh, Managing Director, Tubbs Marine and Energy Limited, Ayinde Olatinmbo Bukola, and Managing Director of Fargo Petroleum, Segun Ogunbambo, all conspired to defraud the Federal Government of over N6 Billion.

It stated that Onoh is the arrow head behind CMEC/Eurafric that won the bid for Sapele Genco with a bid sum of $201 million but has repeatedly defaulted in making complete payment for the PHCN asset.

Onoh’s last known address according to the police statement was Plot 24B Marinho Drive Victoria Island, Lagos. “Efforts to track the suspect as well as his collaborators down have so far proved abortive,” the statement said.

Ditto for Segun Ogunbambo, Managing Director of Fargo Oil, who still remains at large as his last known addresses were No 2 Olamijuyin Avenue Park View Estate, Ikoyi and 95 Awolowo Road, Ikoyi, Lagos.

A petition by the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments to the Commissioner of Police SFU, stated that Eurafric Oil and Coastal Services Limited were granted permit to import petrol between 2010 and 2011.

The Police statement also noted that the aforementioned Onoh, Ayinde, and Ogunbambo who are now on the run, through their companies, allegedly collaborated in the fraud and did not import any product based on the permit but fraudulently conspired to forge documents with which they applied and received payment of over N2 Billion each, as subsidy claims thereby defrauding the Federal Government.