EFCC recovers N4.5bn AGO in alleged oil conversion case

The Economic and Financial Crimes Commission, EFCC, has recovered 2.3 million litres of Automotive Gas Oil, AGO, valued at N4.485 billion in Lagos over an alleged case of stealing and criminal conversion.

The EFCC disclosed this in a statement by its Head of Media and Publicity, Dele Oyewale, on Tuesday.

According to the commission, its Lagos Zonal Directorate 1 recovered the petroleum products on Monday, August 17, from Mamemo Ibru of Ibafon Oil and Gas.

The recovery 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.

The petitioner claimed that periodic withdrawals had been made from the stored products until the outstanding balance reached 2,574,031 litres.

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

The EFCC said its investigation established that Ibafon Oil and Gas is involved in the purchase and sale of AGO and also stores petroleum products belonging to customers at its depot.

The commission alleged that Ibru, using his position as owner of the company, authorised the trucking of petroleum products beyond the quantity belonging to Ibafon Oil and Gas, thereby converting the petitioner’s products for personal use.

Following the EFCC’s intervention, the commission said the recovered products were handed over by the suspect to Prudent Energy and Services Limited.

The EFCC did not disclose whether charges had been filed against Ibru as of the time of the statement.