Subsidy fraud: Police declare MD Fargo Petroleum wanted

Mr. Seun Ogunbambo

Mr. Seun Ogunbambo

Juliana Francis

The Commissioner of Police, in charge of Special Fraud Unit (SFU), Ikoyi, Lagos State, Mr. Tunde Ogunsakin,  has declared the Managing Director of Fargo Petroleum Limited, Mr. Seun Ogunbambo wanted in connection with the fuel subsidy payment fraud.

A petition by the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments submitted to Ogunsakin alleged that Eurafric Oil and Coastal Services Limited was granted permit to import PMS between 2010 and 2011. 

The company claimed that it imported 85,519,068 litres of PMS into the country in six transactions. 

Based on this, it applied for payment and the sum of N6,130,006,149.30 was paid as subsidy by the Federal Government but it was later discovered that Eurafric did not execute the transaction as claimed, rather it traded off the permit to a third party company named Tubbs Marine Services Limited in the sum of N65million.

The wanted suspect, Seun Ogunbambo, the Managing Director of Fargo Petroleum Limited, operating with the license of Tubb Marine Services, did not import any product based on the permit but fraudulently arranged forged documents with which he applied and received payment of over N2Billion as subsidy claims thereby defrauding the Federal Government of Nigeria.

The spokesperson for SFU Unit, Ngozi Isintume-Agu said: “The suspect is on the run.  All efforts made to locate him in his last known address, which is No. 2, Olamijuyin Avenue, Parkview Estate, Ikoyi and 95 Awolowo Road, Ikoyi proved abortive.

“He is hereby declared wanted by the office of the Commissioner of Police, Special Fraud Unit, 13 Milverton Road, Ikoyi, Lagos. Anybody with useful information regarding his whereabouts should contact the Commissioner of Police, Special Fraud Unit, 13 Milverton Road, Ikoyi, Lagos.”