The Economic and Financial Crimes Commission (EFCC) has declared Oluwaseun Ogunbambo, Managing Director of Fargo Petroleum and Gas Limited, wanted over an alleged ₦976 million oil subsidy scam.
In a notice issued Friday, the Commission accused Ogunbambo of defrauding the Federal Government through bogus subsidy claims amounting to ₦976,653,110.28.
According to the EFCC, Ogunbambo was granted bail while facing trial before a Lagos State High Court but has since disappeared. His co-accused, Mamman Nasir Ali and Christian Taylor, were convicted on May 27, 2025, and sentenced to 14 years in prison each.
“Anyone with information about his whereabouts should contact the Commission at any of our zonal offices or through our hotline: +2348093322644, email: info@efcc.gov.ng, or the nearest police station,” the EFCC said in a statement signed by Dele Oyewale, Head of Media & Publicity.
On May 27, the Special Offences Court in Ikeja convicted oil marketers Ali and Taylor for defrauding the Federal Government of ₦2.2 billion in oil subsidy funds. Ogunbambo and another suspect, Olabisi Abdul-Afeez, were listed as being at large in the charge sheet.
One of the counts stated that the defendants conspired to obtain ₦749,991,273.36 by falsely claiming the amount represented a subsidy for importing over 10 million litres of petrol — a claim the EFCC says was entirely fabricated.
The defendants were initially arraigned on a 49-count charge, including conspiracy, forgery, and obtaining money under false pretences. They were alleged to have fraudulently received over ₦1.48 billion by making false claims tied to the Petroleum Support Fund.
The court also ordered the forfeiture of assets and bank accounts linked to the fraud and issued arrest warrants for Ogunbambo and Abdul-Afeez, both still on the run.
