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SFU Declares Ayinde Olatimbo Bukola Wanted Over Subsidy Fraud



policeThe Commissioner of Police, Special Fraud Unit, Ikoyi has declared the Managing Director of Tubbs Marine & Energy Limited, one AYINDE OLATIMBO BUKOLA wanted in connection with fuel subsidy payment fraud.

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

According to a statement signed by DSP Ngozi Isinttume-Agu, PPRO, Special Fraud Unit for the Commissioner of Police, ‘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 3rd party company named Tubbs Marine Services Limited in the sum of N65million.’

It added that the wanted suspect, AYINDE OLATIMBO BUKOLA, the Managing Director of Tubbs Marine & Energy Limited did not import any product based on the permit but fraudulently conspired with others at large and arranged forged documents with which he applied and received payment of over N2Billion as subsidy claims thereby defrauding the Federal Government of Nigeria.

“The suspect is on the run.  All efforts made to locate her in her last known addresses at No. 95, Awolowo Road, Ikoyi, Lagos and 2nd Floor, No. 5, Bombay Crescent, Apapa, proved abortive.

 “Anybody with useful information regarding her whereabouts should contact the Commissioner of Police, Special Fraud Unit, 13 Milverton Road, Ikoyi, Lagos,” the statement read.


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