The Economic and Financial Crimes Commission (EFCC) has recovered 2.3 million litres of Automotive Gas Oil (AGO), valued at N4.485 billion, in Lagos following an investigation into an alleged case of stealing and criminal conversion.
The recovery was made on Monday, August 17, 2026, by operatives of the EFCC Lagos Zonal Directorate 1 from Mamemo Ibru of Ibafon Oil and Gas.
The investigation followed a petition by Prudent Energy and Services Limited, which alleged that petroleum products entrusted to Ibafon Oil and Gas for storage had been unlawfully converted, resulting in a substantial shortfall in its stock.
According to the petition, periodic withdrawals from the stored products reduced the outstanding balance to 2,574,031 litres.
However, a subsequent physical measurement and reconciliation exercise showed that only 206,761 litres remained in the storage tanks, leaving a deficit of 2,367,270 litres.
The EFCC said investigation established that Ibafon Oil and Gas is involved in the purchase and sale of AGO and also operates a storage depot where petroleum products belonging to the company and its customers are kept.
The commission further alleged that Ibru, leveraging his position as owner of the company, authorised the removal of petroleum products in excess of the quantity belonging to Ibafon Oil and Gas, resulting in the alleged conversion of the petitioner’s products for his own use.
Following the EFCC’s intervention, the recovered petroleum products were handed over to Prudent Energy and Services Limited.
The development forms part of the commission’s investigation into the circumstances surrounding the alleged diversion and conversion of the petroleum products.
