The Economic and Financial Crimes Commission (EFCC) has recovered 2.3 million litres of Automotive Gas Oil (AGO), valued at N4.485 billion, in connection with an alleged case of stealing and criminal conversion in Lagos.
The petroleum products were recovered from Mamemo Ibru of Ibafon Oil and Gas by the Lagos Zonal Directorate 1 of the EFCC on Monday, August 17, 2026.
The recovery 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 EFCC, the petitioner had reported that periodic withdrawals from the stored products continued until the outstanding balance was put at 2,574,031 litres.
A subsequent physical measurement and reconciliation of the petroleum products, however, showed that only 206,761 litres remained in the storage tanks.
The exercise consequently revealed a deficit of 2,367,270 litres.
The anti-graft agency said its investigation established that Ibafon Oil and Gas engages in the purchase and sale of AGO and provides storage facilities for its customers’ petroleum products at the same depot.
The EFCC alleged that Ibru, using his position as the company’s owner, caused petroleum products to be trucked out in quantities exceeding those belonging to Ibafon Oil and Gas.
The agency said the excess withdrawals resulted in the alleged conversion of products belonging to Prudent Energy for Ibru’s personal use.
Following the intervention of the EFCC, the suspect handed over the recovered petroleum products to Prudent Energy and Services Limited.
The EFCC described the recovery as part of its investigation into the alleged stealing and criminal conversion of the petroleum products.
