The Economic and Financial Crimes Commission (EFCC) has recovered 2.3 million litres of Automotive Gas Oil (AGO), valued at N4.485 billion, from Ibafon Oil and Gas in Lagos over an alleged case of stealing and criminal conversion.
Disclosing on Wednesday, the anti-graft commission said the recovery was made on Monday, August 17, 2026, by operatives of the EFCC Lagos Zonal Directorate 1 during an investigation into 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 significant shortfall in its stock.
According to the EFCC, periodic withdrawals from the stored products reduced the outstanding balance to 2,574,031 litres. However, a subsequent physical measurement and reconciliation exercise showed that only 206,761 litres remained, leaving a deficit of 2,367,270 litres.
The Commission said investigation revealed that Ibafon Oil and Gas, owned by Mamemo Ibru, buys and sells AGO while also storing petroleum products belonging to its customers at the same depot.
Ibru allegedly used his position to truck out petroleum products beyond the quantity owned by the company, thereby converting the petitioner’s products for personal use.
Following the EFCC’s intervention, Ibru handed over the recovered products to Prudent Energy and Services Limited.
