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

Nigeria's Economic and Financial Crimes Commission (EFCC) has recovered approximately 2.3 million liters of diesel, valued at N4.485 billion, which was allegedly converted by a Lagos-based oil firm. The recovery, made by the EFCC's Lagos Zonal Directorate 1, is part of an investigation into alleged stealing and criminal conversion involving Ibafon Oil and Gas and its owner, Mamemo Ibru.

The investigation was initiated following a petition from Prudent Energy and Services Limited. The company reported that petroleum products it had entrusted to Ibafon Oil and Gas for storage were being withdrawn periodically, leading to a substantial shortfall. Prudent Energy's outstanding balance was reported to be over 2.5 million liters, but a physical measurement of the storage tanks revealed only about 206,761 liters remaining.

According to the EFCC, its investigation indicated that Ibafon Oil and Gas, which buys and sells diesel and stores products for customers, allegedly allowed Mr. Ibru to exploit his position. The commission claims Mr. Ibru arranged for petroleum products, belonging to customers like Prudent Energy, to be trucked out beyond the company's own stock and converted for his use.

Following the EFCC's intervention, Mr. Ibru reportedly handed over the recovered diesel to Prudent Energy and Services Limited. The EFCC has not yet disclosed whether Mr. Ibru has been arrested or faces charges in court. This recovery occurs amidst the EFCC's ongoing efforts to prosecute individuals involved in illicit dealings within the petroleum products sector.

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