EFCC declares oil firm boss wanted over N976m subsidy fraud

The Economic and Financial Crimes Commission (EFCC) has declared the Managing Director of Fargo Petroleum and Gas Limited, Seun Ogunbambo, wanted for allegedly defrauding the Federal Government of N976.65 million through fraudulent oil subsidy claims.

In a public notice issued on Friday, the EFCC described Ogunbambo as a fugitive after he reportedly jumped bail while standing trial before a Lagos State High Court. According to the statement signed by the commission’s Head of Media and Publicity, Dele Oyewale, the suspect vanished after securing bail and has since refused to return to court.

Ogunbambo was being prosecuted alongside Mamman Ali and Christian Taylor, who were both convicted and sentenced to 14 years imprisonment on May 27, 2025, for their roles in the scam. The fraudulent transaction involved claims for petroleum products worth N976,653,110.28 that were never supplied.

The commission described Ogunbambo as light complexioned and fluent in both English and Yoruba, noting his last known address as 2, Olamijuyuan Crescent, Ikoyi, Lagos.

The EFCC urged members of the public with useful information about his whereabouts to report to any of its offices in Lagos, Enugu, Kano, Gombe, Port Harcourt, Ibadan, Benin, Kaduna, Sokoto, Makurdi, Ilorin, Maiduguri, Uyo, or Abuja.