EFCC declares oil company’s boss wanted over alleged N976.65bn subsidy fraud

The Economic and Financial Crimes Commission (EFCC) has declared  Seun Ogunbambo, managing director of Fargo Petroleum and Gas Ltd., wanted , accusing him of siphoning N976.65 billion from the Federal Government through fictitious fuel‑subsidy claims.

In a public notice released on Friday, EFCC spokesperson Dele Oyewale labelled Ogunbambo “a fugitive from justice,” saying he disappeared after being granted bail while on trial at the Lagos State High Court.

Ogunbambo was being tried alongside Mamman Ali and Christian Taylor, both of whom were handed 14‑year prison terms by the court on Tuesday, 27 May 2025, for their parts in the fraud.

“The suspect vanished after being granted bail and has since failed to appear in court,” the anti‑graft agency warned, urging citizens not to harbour him.

Investigators alleged that the defendants fraudulently claimed N976,653,110.28 as payment for petroleum products that, according to the EFCC, were never supplied.

Described as light‑skinned and fluent in English and Yoruba, Ogunbambo was last traced to 2 Olamijuyuan Crescent, Ikoyi, Lagos. Anyone with information on his whereabouts is asked to contact the commission’s offices in Lagos, Enugu, Kano, Gombe, Port Harcourt, Ibadan, Benin, Kaduna, Sokoto, Makurdi, Ilorin, Maiduguri, Uyo or Abuja.