LAGOS, Aug 19 – Nigeria’s Economic and Financial Crimes Commission (EFCC) says it has recovered N4.5 billion worth of diesel from an oil storage depot in Lagos following an investigation into the alleged theft and conversion of petroleum products belonging to Prudent Energy and Services Limited.
The EFCC said it recovered 2.3 million litres of Automotive Gas Oil (AGO), commonly known as diesel, valued at N4.485 billion from Ibafon Oil and Gas.
The recovery was carried out by the commission’s Lagos Zonal Directorate 1 on August 17, 2026, from Mamemo Ibru of Ibafon Oil and Gas. The EFCC announced the recovery a day later.
The investigation followed a petition from Prudent Energy, which alleged that petroleum products it had stored with Ibafon Oil and Gas had been unlawfully converted.
Prudent Energy expected 2,574,031 litres to remain in storage after previous withdrawals. However, a physical check found only 206,761 litres, leaving a deficit of 2,367,270 litres.
The EFCC alleged that Ibru used his position as owner of Ibafon Oil and Gas to remove petroleum products beyond the company’s own stock and convert products belonging to Prudent Energy for personal use.
The recovered diesel has since been handed over to Prudent Energy.
