The Lagos Zonal Directorate of the Economic and Financial Crimes Commission has recovered 2.3 million litres of Automotive Gas Oil valued at N4.485 billion from Mamemo Ibru of Ibafon Oil and Gas, following an investigation into alleged stealing and criminal conversion.
The recovery traces back to a petition filed by Prudent Energy and Services Limited, which accused Ibafon Oil and Gas of unlawfully converting petroleum products entrusted to it for storage, leaving a gaping shortfall in the company’s stock. The petitioner claimed periodic withdrawals had been made from its reserves until the outstanding balance climbed to 2,574,031 litres.
A physical measurement and reconciliation exercise later found only 206,761 litres left in the storage tanks, a deficit of 2,367,270 litres.
Investigators found that Ibafon Oil and Gas both trades in AGO and stores its own products at the same depot alongside stock belonging to its customers, a setup that allegedly gave Ibru room to exploit the arrangement.
The Commission’s findings suggest Ibru used his position as owner of Ibafon Oil and Gas to truck out petroleum products beyond what the company actually owned, effectively helping himself to the petitioner’s reserves.
Following EFCC’s intervention, t
he suspect has handed over the recovered products to Prudent Energy and Services Limited.
By Asiwaju Adekunle Saheed
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