The Economic and Financial Crimes Commission (EFCC) has recovered 2.3 million litres of Automotive Gas Oil (AGO), commonly known as diesel, valued at about N4.485 billion, allegedly diverted from Prudent Energy and Services Limited by Mamemo Ibru of Ibafon Oil and Gas in Lagos.
The recovery followed a petition submitted to the anti-graft agency by Prudent Energy over an alleged shortage of petroleum products entrusted to Ibafon Oil and Gas for storage.
According to an EFCC statement issued by its spokesperson, Dele Oyewale, the petitioner reported that products held at the company’s depot had allegedly been withdrawn without authorisation, leaving a significant gap in its inventory.
The company reportedly told investigators that continued withdrawals from the stock reduced its expected balance to 2,574,031 litres.
A subsequent physical verification and reconciliation exercise, however, found only 206,761 litres remaining in the storage tanks, indicating a shortfall of 2,367,270 litres.
The EFCC said its findings showed that Ibafon Oil and Gas is involved in the purchase and sale of diesel and operates a storage facility used for its own petroleum products as well as consignments belonging to customers.
The commission alleged that Ibru, the owner of the company, used his position to authorise the movement of petroleum products stored at the facility.
It further alleged that the additional products removed from the facility belonged to Prudent Energy and were converted for Ibru’s personal use.
Following the EFCC’s intervention, the commission said Ibru surrendered the recovered petroleum products to Prudent Energy and Services Limited.
The agency said the recovery forms part of its broader mandate to investigate suspected economic and financial crimes and recover assets allegedly obtained or diverted through unlawful activities.
