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 involving Ibafon Oil and Gas in Lagos.
The Lagos Zonal Directorate 1 of the EFCC said the recovery was made on Monday, August 17, 2026, from Mamemo Ibru of Ibafon Oil and Gas following a petition by Prudent Energy and Services Limited.
The petitioner alleged that petroleum products entrusted to Ibafon Oil and Gas for storage were unlawfully converted, resulting in a substantial shortfall in its stock.
According to the EFCC, Prudent Energy alleged that periodic withdrawals were made from the products stored at the depot 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, leaving a deficit of 2,367,270 litres.
The Commission said its investigation established that Ibafon Oil and Gas is involved in the purchase and sale of AGO and also operates a depot where its petroleum products are stored alongside products belonging to customers.
It further alleged that Ibru, using his position as owner of the company, caused petroleum products to be trucked out in excess of the quantity belonging to Ibafon Oil and Gas, thereby allegedly converting products belonging to the petitioner for his personal use.
Following the EFCC’s intervention, the suspect handed over the recovered petroleum products to Prudent Energy and Services Limited.
The Commission said the recovery formed part of its ongoing investigation into the alleged stealing and criminal conversion of the petroleum products.
