By Firdaus Jibril
The Economic and Financial Crimes Commission (EFCC) has recovered 2.37 million litres of Automotive Gas Oil (AGO), commonly known as diesel, valued at about N4.485 billion.
The recovery followed a complaint over the alleged diversion of petroleum products stored at a depot in Lagos.
The recovery was carried out on Monday, August 17, 2026, by the EFCC Lagos Zonal Directorate 1 following a petition by Prudent Energy and Services Limited.
The Commission said Prudent Energy had entrusted its petroleum products to Ibafon Oil and Gas for storage but later reported discrepancies between the quantity expected to remain in its inventory and the volume physically found at the depot.
According to the EFCC, the outstanding stock was initially recorded at 2,574,031 litres following periodic withdrawals.
However, a subsequent physical measurement and reconciliation exercise found only 206,761 litres remaining in the storage tanks, leaving a deficit of 2,367,270 litres.
The Commission said the recovered product was valued at approximately N4.485 billion.
The EFCC further alleged that Ibafon Oil and Gas buys and sells AGO while also storing petroleum products belonging to other companies at its depot.
It alleged that the company’s owner, Mamemo Ibru, used his position to facilitate the movement of petroleum products beyond the quantity belonging to Ibafon Oil and Gas and that products belonging to Prudent Energy were allegedly converted for personal use.
Following the Commission’s intervention, the EFCC said the recovered petroleum products were handed over to Prudent Energy.
The recovery forms part of the Commission’s investigation into the alleged unlawful conversion of petroleum products entrusted to the depot operator.
The development highlights the importance of accurate inventory records and physical reconciliation in Nigeria’s downstream petroleum sector, where large volumes of high-value products are stored at third-party facilities.