Police declare oil marketer wanted for N2bn fraud

 

The Special Fraud Unit, Ikoyi, Lagos State, has declared the Managing Director of Fargo Petroleum Limited, Seun Ogunbambo, wanted.

The unit, which is a department of the Nigeria Police Force that investigates white collar crime, said Ogunbambo, was wanted in connection with the fuel subsidy payment fraud.

A statement by the SFU Commissioner of Police, Mr. Tunde Ogunsakin, said Ogunbambo allegedly presented forged documents to receive payment of N2bn in subsidy claims from the Federal Government of Nigeria.

It read in part, “A petition from the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments to the SFU alleged that Eurafric Oil and Coastal Services Limited was granted permit to import petrol between 2010 and 2011.

“The company claimed that it imported 85,519,068 litres of petrol into the country in six transactions.  Based on this, it applied for payment and N6,130,006,149.30 was paid as subsidy by the Federal Government.”

The petition said it was later discovered that Eurafric did not execute the transaction as claimed, but had traded off the permit to a third party company,  Tubbs Marine Services Limited,  for N65m.

It was alleged that Ogunbambo did not import any product based on the permit, but allegedly arranged forged documents with which he applied and received payment of over N2bn.

“The suspect is on the run.  All efforts made to locate him at his last known address at No. 2, Olamijuyin Avenue, Parkview Estate, Ikoyi, Lagos, 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 SFU,” the statement added.