By Ayorinde Oluokun

The Economic and Financial Crimes Commission, EFCC, has recovered 2.3 million litres of Automotive Gas Oil, AGO, (diesel) valued at N4.485 billion allegedly stolen and criminal converted by Mamemo Ibru of Ibafon Oil and Gas from Prudent Energy and Services Limited in Lagos.

The recovery followed investigation into a petition submitted by Prudent Energy and Services Limited to EFCC in Lagos, Dele Oyewale, the spokesperson for the anti-graft agency said in a statement.

According to the statement, Prudent Energy and Services Limited had in the petition alleged that petroleum products it entrusted to Ibafon Oil and Gas for storage had been unlawfully converted, resulting in a significant shortfall in the company’s stock.

The petitioner also alleged that periodic withdrawals were made from the stored products until the outstanding balance stood at 2,574,031 litres.

However, during a subsequent physical measurement and reconciliation exercise, only 206,761 litres remained in the storage tanks, leaving a deficit of 2,367,270 litres.

EFCC said its investigation revealed that Ibafon Oil and Gas is involved in the purchase and sale of diesel and also stores its petroleum products at the same depot alongside products belonging to its customers.

It added that 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, thereby converting the petitioner’s products for his own use.

However, following the Commission’s intervention, the suspect handed over the recovered products to the petitioner, Prudent Energy and Services Limited.