EFCC Hands Over N4.5bn Recovered Diesel to Owner in Lagos

By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) has recovered 2.3 million litres of Automotive Gas Oil (AGO) known as diesel, valued at N4.485 billion, in connection with an alleged case of stealing and criminal conversion.

The petroleum product was allegedly stolen from Prudent Energy and Services Limited by the owner of Ibafon Oil and Gas, Mr Mamemo Ibru.

In a petition, Prudent Energy claimed that the product, entrusted to Ibafon Oil and Gas for storage, was unlawfully converted, resulting in a significant shortfall in its stock.

According to the petition, 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 in the storage tanks, leaving a deficit of 2,367,270 litres.

Investigations by the EFCC established that Ibafon Oil and Gas is involved in the purchase and sale of diesel and also operates a storage depot where its petroleum products are kept alongside those belonging to customers.

The commission alleged that Mr Ibru, using his position as owner of the company, authorised the trucking out of petroleum products in excess of the quantity belonging to Ibafon Oil and Gas, thereby converting products belonging to Prudent Energy for his own use.

Following the anti-graft agency’s intervention, Mr Ibru handed over the recovered petroleum products to Prudent Energy and Services Limited.