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 alleged stealing and criminal conversion of petroleum products. The EFCC disclosed this in a statement posted on its official X handle on Tuesday,……
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 alleged stealing and criminal conversion of petroleum products.
The EFCC disclosed this in a statement posted on its official X handle on Tuesday, August 18, 2026.
According to the commission, the recovery was made on Monday, August 17, by its Lagos Zonal Directorate 1 from Mamemo Ibru of Ibafon Oil and Gas.
The investigation followed a petition filed by Prudent Energy and Services Limited, alleging that petroleum products entrusted to Ibafon Oil and Gas for storage had been unlawfully converted, resulting in a significant shortfall in its stock.
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The petitioner alleged that periodic withdrawals were made from the stored products until the outstanding balance stood at 2,574,031 litres.
However, a subsequent physical measurement and reconciliation exercise showed that only 206,761 litres remained in the storage tanks.
The exercise therefore revealed a deficit of 2,367,270 litres, according to the EFCC.
The commission said its investigation established that Ibafon Oil and Gas is involved in the purchase and sale of AGO and stores petroleum products belonging to its customers at the same depot alongside its own products.
The EFCC further alleged that Ibru used his position as owner of the company to truck out petroleum products beyond the quantity belonging to Ibafon Oil and Gas.
The commission said this allegedly resulted in the conversion of the petitioner’s products for Ibru’s personal use.
“Investigation revealed that Ibafon Oil and Gas is involved in the purchase and sale of Automotive Gas Oil (AGO) and also stores its petroleum products at the same depot alongside products belonging to its customers,” the EFCC said.
It added that “Ibru allegedly used his position as the owner of Ibafon Oil and Gas to truck out petroleum products in excess of the quantity owned by the company, thereby converting the petitioner’s products for his own use.”
Following the intervention of the anti-graft agency, the suspect handed over the recovered petroleum products to Prudent Energy and Services Limited.
The EFCC said the recovery formed part of its ongoing investigation into the alleged stealing and criminal conversion of the petroleum products.
