Alleged N976m subsidy fraud: EFCC declares Fargo Petroleum boss, , Seun Ogunbambo wanted

Seun’s mugshot

The Economic and Financial Crimes Commission 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 bogus oil subsidy claims.

The EFCC made the announcement in a public notice issued on Friday, describing Ogunbambo as a fugitive from justice after he reportedly jumped bail and disappeared while standing trial before a Lagos State High Court.

According to the notice signed by the Head of Media and Publicity for the commission, Dele Oyewale, Ogunbambo was facing prosecution alongside co-defendants, Mamman Ali and Christian Taylor, who were convicted and sentenced to 14 years imprisonment each by the court on Tuesday, May 27, 2025, for their roles in the scam.

“The suspect vanished after being granted bail and has since failed to appear in court,” the EFCC said, warning the public against shielding him.

The alleged subsidy scam involves N976,653,110,28, which the EFCC said was fraudulently claimed as payment for petroleum products that were never delivered.

Ogunbambo, described as light complexioned and fluent in both English and Yoruba, was said to have last been traced to 2, Olamijuyuan Crescent, Ikoyi, Lagos.

The commission called on anyone with information about his whereabouts to report to its offices in Lagos, Enugu, Kano, Gombe, Port Harcourt, Ibadan, Benin, Kaduna, Sokoto, Makurdi, Ilorin, Maiduguri, Uyo or Abuja. Punch