The Economic and Financial Crimes Commission (EFCC) has recovered 2.3 million litres of Automotive Gas Oil (AGO), valued at approximately N4.485 billion, in connection with an alleged case of stealing and criminal conversion involving Ibafon Oil and Gas.
The recovery was made on Monday, August 17, 2026, by the Lagos Zonal Directorate 1 of the anti-graft agency during an investigation involving Mamemo Ibru, owner of Ibafon Oil and Gas.
The investigation followed a petition filed by Prudent Energy and Services Limited, which accused Ibafon Oil and Gas of unlawfully converting petroleum products entrusted to the company for storage.
According to the petition, withdrawals were allegedly made from the stored products over time, causing the quantity owed to the company to fall to 2,574,031 litres.
A subsequent physical inspection and reconciliation of the stock, however, reportedly found only 206,761 litres remaining in the storage tanks.
The exercise revealed a shortfall of 2,367,270 litres of AGO.
Investigators established that Ibafon Oil and Gas operates in the purchase and sale of AGO and also provides storage for petroleum products belonging to customers at its depot.
The EFCC alleged that Ibru, using his position as the owner of the company, authorised the movement of petroleum products exceeding the quantity belonging to Ibafon Oil and Gas.
The commission said the excess products allegedly belonged to Prudent Energy and were converted for Ibru’s personal or business use.
Following the intervention of the EFCC, the recovered petroleum products were handed back to Prudent Energy and Services Limited.
The investigation into the alleged stealing and criminal conversion is ongoing.
