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The Economic and Financial Crimes Commission (EFCC) has recovered 2.3 million litres of Automotive Gas Oil (AGO), valued at N4.485 billion, in an alleged theft and criminal conversion case involving Ibafon Oil and Gas.
In a statement issued on Tuesday, EFCC’s Lagos Zonal Directorate 1 said it made the recovery on Monday, August 17, 2026, during an investigation involving the company’s owner, Mamemo Ibru.
The investigation followed a petition by Prudent Energy and Services Limited, which alleged that petroleum products entrusted to Ibafon Oil and Gas for storage had been unlawfully converted, resulting in a significant shortfall in its stock.
According to the EFCC, the petitioner alleged that it made periodic withdrawals from its stored products until the outstanding balance reached 2,574,031 litres.
However, a subsequent physical measurement and reconciliation exercise found only 206,761 litres remaining in the storage tanks.
The exercise therefore established a deficit of 2,367,270 litres, the commission said.
The EFCC said its investigation established that Ibafon Oil and Gas is involved in the purchase and sale of AGO and stores its petroleum products at the same depot alongside products belonging to its customers.
“It was further revealed that Ibru allegedly used his position as the owner of Ibafon Oil and Gas to truck out petroleum products in excess of the quantity owned by the company,” the commission said.
According to the EFCC, the products were allegedly converted for Ibru’s personal use.
Following the commission’s intervention, the suspect handed over the recovered petroleum products to Prudent Energy and Services Limited, the EFCC said.
The commission did not disclose whether Ibru had been charged in court or whether it had arrested further suspects in connection with the case.
Alleged Criminal Conversion: EFCC Recovers N4.4bn Worth of AGO in Lagos
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Monday, August 17, 2026 recovered 2.3 million litres of Automotive Gas Oil, AGO, valued at N4.485 billion from Mamemo… pic.twitter.com/ilslkQ7COO
— EFCC Nigeria (@officialEFCC) August 18, 2026
