Tunde Bakare
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Monday, August 17, 2026 recovered 2.3 million litres of Automotive Gas Oil, AGO, valued at N4.485 billion from Mamemo Ibru of Ibafon Oil and Gas, during an investigation into an alleged case of stealing and criminal conversion.
The recovery followed a petition submitted by Prudent Energy and Services Limited, alleging that petroleum products entrusted to Ibafon Oil and Gas for storage had been unlawfully converted, resulting in a significant shortfall in the company’s stock.
The petitioner also alleged that periodic withdrawals were made from the stored products until the outstanding balance stood at 2,574,031 litres.
However, during a subsequent physical measurement and reconciliation exercise, only 206,761 litres remained in the storage tanks, leaving a deficit of 2,367,270 litres.
Investigation revealed that Ibafon Oil and Gas is involved in the purchase and sale of Automotive Gas Oil (AGO) and also stores its petroleum products at the same depot alongside products belonging to its customers.
It was further revealed that Ibru allegedly used his position as the owner of Ibafon Oil and Gas to truck out petroleum products in excess of the quantity owned by the company, thereby converting the petitioner’s products for his own use.
Following the Commission’s intervention, the suspect handed over the recovered products to the petitioner, Prudent Energy and Services Limited.