EFCC recovers N4.4bn diesel allegedly converted by Lagos oil firm

The Economic and Financial Crimes Commission (EFCC) says it has recovered 2.3 million litres of diesel, also known as Automotive Gas Oil (AGO), worth N4.485 billion, allegedly converted at a Lagos oil depot.

In a statement shared with PREMIUM TIMES on Tuesday by EFCC spokesperson Dele Oyewale, the recovery was made on Monday by the commission’s Lagos Zonal Directorate 1 during an investigation into an alleged case of stealing and criminal conversion involving Ibafon Oil and Gas and its owner, Mamemo Ibru.

EFCC stated that the investigation followed a petition by Prudent Energy and Services Limited over petroleum products the company said it had entrusted to Ibafon Oil and Gas for storage.

According to the EFCC, Prudent Energy reported that the products were being withdrawn periodically, resulting in a growing shortfall in its stock.

The company’s outstanding balance was eventually put at 2,574,031 litres, the commission said.

But when a physical measurement and reconciliation of the products were carried out, only 206,761 litres were found in the storage tanks.

The exercise revealed a shortfall of 2,367,270 litres, according to the EFCC.

The commission explained that its investigation showed that Ibafon Oil and Gas buys and sells diesel and also stores petroleum products belonging to its customers at its depot.

It alleged that Mr Ibru, taking advantage of his position as the company’s owner, arranged for petroleum products to be trucked out beyond the quantity owned by Ibafon Oil and Gas.

The EFCC said the products allegedly belonged to Prudent Energy and were converted for Mr Ibru’s use.

Following the commission’s intervention, Mr Ibru handed over the recovered products to Prudent Energy, the EFCC said.

“Following the Commission’s intervention, the suspect handed over the recovered products to the petitioner, Prudent Energy and Services Limited,” Mr Oyewale stated.

The EFCC did not disclose whether Mr Ibru had been arrested or charged in court.

The recovery comes amid the EFCC’s continued prosecution of suspects in cases of deals involving petroleum products.(Premium times)