EFCC Recovers N4.4bn AGO Allegedly Converted By Ibafon Oil And Gas
The Economic and Financial Crimes Commission (EFCC) has recovered 2.3 million litres of Automotive Gas Oil (AGO), valued at N4.485 billion, in connection with an alleged case of stealing and criminal conversion involving Ibafon Oil and Gas in Lagos.
The recovery was made on Monday, August 17, 2026, by the Lagos Zonal Directorate 1 of the anti-graft agency during an investigation involving Mamemo Ibru, the owner of Ibafon Oil and Gas.
The investigation followed a petition filed by Prudent Energy and Services Limited, which alleged that petroleum products entrusted to Ibafon Oil and Gas for storage were unlawfully converted, leading to a substantial shortage in its stock.
According to the petition, periodic withdrawals from the stored products allegedly continued until the quantity outstanding stood at 2,574,031 litres.
However, a subsequent physical measurement and reconciliation of the products reportedly showed that only 206,761 litres remained in the storage tanks.
The exercise therefore revealed a shortfall of 2,367,270 litres of AGO.
The EFCC said its investigation established that Ibafon Oil and Gas is involved in the purchase and sale of Automotive Gas Oil and operates a depot where its own petroleum products are stored alongside products belonging to customers.
The Commission further alleged that Ibru, using his position as the owner of the company, authorised the trucking out of petroleum products in excess of the quantity belonging to Ibafon Oil and Gas.
The EFCC said the excess products were allegedly converted for Ibru’s personal use, prompting the Commission’s intervention.
Following the investigation, the suspect reportedly handed over the recovered petroleum products to Prudent Energy and Services Limited, the petitioner.
The EFCC said the recovery formed part of its ongoing efforts to investigate allegations of economic and financial crimes and recover assets linked to such offences.
