RismadarVoice Reporters
August 18, 2026
The Economic and Financial Crimes Commission, EFCC, has recovered 2.3 million litres of Automotive Gas Oil, AGO, valued at N4.485 billion from Ibafon Oil and Gas in Lagos over an alleged case of stealing and criminal conversion.
The EFCC Lagos Zonal Directorate 1 made the recovery on Monday, August 17, 2026, during an investigation following a petition by Prudent Energy and Services Limited.
The petitioner alleged that petroleum products entrusted to Ibafon Oil and Gas for storage were unlawfully converted, resulting in a significant shortfall in its stock.
According to the EFCC, periodic withdrawals from the stored products left an outstanding balance of 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.
The Commission said the investigation revealed that Ibafon Oil and Gas, owned by Mamemo Ibru, is involved in the purchase and sale of AGO and also stores petroleum products belonging to its customers at the same depot.
The EFCC alleged that Ibru, using his position as owner of the company, trucked out petroleum products in excess of the quantity belonging to Ibafon Oil and Gas, thereby converting the petitioner’s products for his own use.
Following the Commission’s intervention, the suspect handed over the recovered petroleum products to Prudent Energy and Services Limited.
The EFCC said the recovery forms part of its ongoing investigation into the alleged criminal conversion.
