The Economic and Financial Crimes Commission (EFCC) has recovered 2.3 million litres of Automotive Gas Oil (AGO), commonly known as diesel, valued at N4.485 billion, from Ibafon Oil and Gas in Lagos over an alleged case of stealing and criminal conversion.
The recovery was carried out by the Lagos Zonal Directorate 1 of the EFCC on Monday, August 17, 2026, from Mamemo Ibru of Ibafon Oil and Gas.
The commission disclosed the development on Tuesday, August 18, 2026, in a post on its official X account.
What you should know
The recovery followed a petition filed by Prudent Energy and Services Limited, which alleged that petroleum products entrusted to Ibafon Oil and Gas for storage had been unlawfully converted.
According to the petition, there was a significant discrepancy between the volume of petroleum products that Prudent Energy expected to have in storage and the quantity physically available.
What they are saying
The EFCC said the recovery was made in connection with allegations of stealing and criminal conversion involving the petroleum products.
The commission’s intervention followed the petition by Prudent Energy, which raised concerns over the alleged disappearance or unlawful conversion of products entrusted to Ibafon Oil and Gas for storage.
The recovery of 2.3 million litres of AGO, valued at approximately N4.485 billion, represents a significant development in the investigation as the EFCC continues to examine the circumstances surrounding the alleged conversion of the petroleum products.
