27 November 2013, Lagos – The police Special Fraud Unit (SFU) in Ikoyi, Lagos, has declared the Managing Director of Fargo Petroleum Limited, Mr. Seun Ogunbambo, wanted in connection with fuel subsidy payment fraud running to the tune of N2billion.
The accused was declared wanted based on a petition by the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments.
The committee had alleged that Eurafric Oil and Coastal Services Limited were granted permit to import petrol between 2010 and 2011 and that the company had claimed that it imported 85,519,068 litres of the prodct into the country in six transactions.
Based on the said transaction, the company was said to have applied for the 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 Commissioner of Police, SFU, Mr. Tunde Ogunsakin, said Ogunbambo, operating with the licence of Tubb Marine Services did not import any product based on the permit but fraudulently arranged and forged documents with which he applied and received payment of over N2billion as subsidy claims thereby defrauding the federal government.
He added that the suspect is on the run and all efforts made to locate him in his last known addresses, No. 2, Olamijuyin Avenue, Parkview Estate, Ikoyi and 95 Awolowo Road, Ikoyi had so far proved abortive.
He said: “He is hereby declared wanted by the Office of the Commissioner of Police, SFU and anybody with useful information regarding his whereabouts should contact the unit at No 13 Milverton Road, Ikoyi, Lagos.”
– This Day