EFCC declares Fargo Petroleum MD wanted over alleged N976m subsidy fraud

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

The anti-graft agency, in a public notice issued Friday, said Ogunbambo jumped bail while on trial before a Lagos State High Court and has since disappeared. He is accused of fraudulently claiming N976,653,110.28 as payment for petroleum products that were never delivered.

According to the EFCC, Ogunbambo was standing trial alongside Mamman Ali and Christian Taylor, who were both convicted and sentenced to 14 years in prison by the court on May 27, 2025.

“The suspect vanished after being granted bail and has since failed to appear in court,” EFCC spokesperson Dele Oyewale said, urging the public not to shield him.

Ogunbambo, described as light-skinned and fluent in English and Yoruba, was last traced to 2, Olamijuyuan Crescent, Ikoyi, Lagos.

The commission has appealed to anyone with information about his whereabouts to contact any of its offices across the country.