The Economic and Financial Crimes Commission, EFCC, has recovered 2.3 million litres of Automotive Gas Oil, AGO, also known as diesel, worth about N4.485 billion.
The products were allegedly diverted from Prudent Energy and Services Limited by Mamemo Ibru of Ibafon Oil and Gas in Lagos.
The recovery followed a petition by Prudent Energy to the EFCC over an alleged shortage of petroleum products kept at Ibafon Oil and Gas for storage.
EFCC spokesperson, Dele Oyewale, disclosed this in a statement. He said the company alleged that its products were unlawfully withdrawn from the depot, leaving a major gap in its stock.
The company said repeated withdrawals reduced its recorded stock to 2,574,031 litres.
But a physical inspection and reconciliation found only 206,761 litres in the tanks, leaving a shortfall of 2,367,270 litres.
The EFCC said its investigation found that Ibafon Oil and Gas buys and sells diesel and runs a storage facility where its products are kept alongside those belonging to customers.
The commission alleged that Ibru, the company’s owner, used his position to authorise the movement of petroleum products.
According to the EFCC, the excess products belonged to Prudent Energy and were converted for Ibru’s personal use.
Following the agency’s intervention, the suspect surrendered the recovered products to Prudent Energy and Services Limited.
The EFCC said the case is part of its ongoing efforts to investigate economic crimes and recover assets obtained or diverted through unlawful means.
