By Seun Ibiyemi
The Economic and Financial Crimes Commission (EFCC) has recovered 2.3 million litres of Automotive Gas Oil (AGO), valued at N4.485 billion, from Mamemo Ibru of Ibafon Oil and Gas over an alleged case of stealing and criminal conversion.
The recovery was made on Monday, August 17, 2026, by the Lagos Zonal Directorate 1 of the anti-graft agency during an investigation into a petition filed 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 significant 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 was 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.
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The Commission said its investigation established that Ibafon Oil and Gas is involved in the purchase and sale of AGO and also stores its petroleum products at the same depot alongside products belonging to its customers.
It further alleged that Ibru, using his position as owner of Ibafon Oil and Gas, trucked out petroleum products in excess of the quantity belonging to the company.
The EFCC said the excess products allegedly belonged to Prudent Energy and were converted for Ibru’s personal use.
Following the Commission’s intervention, the suspect handed over the recovered petroleum products to Prudent Energy and Services Limited, the petitioner.
The recovery forms part of the EFCC’s efforts to investigate alleged financial crimes and protect commercial interests in the petroleum sector.
