EFCC DECLARES FARGO PETROLEUM BOSS WANTED OVER N976M SUBSIDY FRAUD
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By: Sefiu Ajape
The Economic and Financial Crimes Commission (EFCC) has declared Seun Ogunbambo, Managing Director of Fargo Petroleum and Gas Limited, wanted for allegedly defrauding the Federal Government of N976.65 million through false oil subsidy claims.
In a public notice issued on Friday, the EFCC described Ogunbambo as a fugitive, stating that he jumped bail and vanished while being prosecuted before a Lagos State High Court.
According to the notice signed by EFCC’s Head of Media and Publicity, Dele Oyewale, Ogunbambo was on trial alongside Mamman Ali and Christian Taylor, who were both convicted and sentenced to 14 years in prison on Tuesday, May 27, 2025, for their involvement in the subsidy scam.
“The suspect vanished after being granted bail and has since failed to appear in court,” the EFCC said, warning the public against shielding him.
The alleged subsidy fraud centers around a sum of ₦976,653,110.28, which the EFCC claims was fraudulently obtained as payment for petroleum products that were never supplied.
Ogunbambo, who is described as light-skinned and proficient in both English and Yoruba, was last traced to No. 2, Olamijuyuan Crescent, Ikoyi, Lagos.
The anti-graft agency is urging anyone with useful information on his whereabouts to contact any of its offices located in Lagos, Enugu, Kano, Gombe, Port Harcourt, Ibadan, Benin, Kaduna, Sokoto, Makurdi, Ilorin, Maiduguri, Uyo, or Abuja.
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