EFCC Recovers 2.3 Million Litres of AGO Worth ₦4.48bn in Lagos Investigation
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, has recovered 2.3 million litres of Automotive Gas Oil (AGO) valued at approximately ₦4.485 billion in connection with an investigation into alleged stealing and criminal conversion of petroleum products.
The recovery was made on Monday, August 17, 2026, following a petition by Prudent Energy and Services Limited against Mamemo Ibru of Ibafon Oil and Gas.
The petitioner alleged that petroleum products entrusted to Ibafon Oil and Gas for storage had been unlawfully converted, resulting in a substantial shortfall in its stock.
According to the petition, periodic withdrawals from the stored products continued until the outstanding balance was put at 2,574,031 litres.
However, a subsequent physical measurement and reconciliation exercise reportedly revealed that only 206,761 litres remained in the storage tanks, leaving a deficit of 2,367,270 litres.
EFCC Intervention Leads to Recovery
Investigation by the EFCC established that Ibafon Oil and Gas is involved in the purchase and sale of AGO and also operates a depot where its petroleum products are stored alongside products belonging to customers.
The Commission further alleged that Ibru, using his position as owner of the company, trucked out petroleum products beyond the quantity belonging to Ibafon Oil and Gas, resulting in the alleged conversion of the petitioner’s products for his own use.
Following the intervention of the EFCC, the suspect handed over the recovered petroleum products to Prudent Energy and Services Limited, the petitioner.
The recovery represents a significant development in the Commission’s investigation into the alleged diversion of petroleum products and underscores the EFCC’s continued efforts to protect legitimate business interests and recover assets linked to suspected economic and financial crimes.
EFCC Recovers 2.3 Million Litres of AGO Worth ₦4.48bn in Lagos Investigation