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

AI-summarized · Neutrality-checked

The EFCC’s Lagos Zonal Directorate recovered 2.3 million litres of diesel valued at N4.485 billion from Ibafon Oil and Gas following allegations of criminal conversion. The investigation began after Prudent Energy and Services Limited filed a petition reporting a significant shortfall in the petroleum products they had entrusted to the depot for storage. EFCC findings indicated that Ibafon Oil and Gas owner Mamemo Ibru utilized his position to truck out products exceeding the company's own stock, effectively converting Prudent Energy's inventory for his own use. Following the commission's intervention, Mr. Ibru handed the recovered products back to the petitioner.

Consequences

The return of the products to Prudent Energy and Services Limited concludes the immediate recovery phase of the dispute. The matter remains ongoing as part of the EFCC’s broader series of investigations and prosecutions involving irregular deals within the petroleum sector.

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