In a significant operational breakthrough, the EFCC recovers N4.5 billion diesel from Lagos depot operations following a comprehensive fraud investigation. Investigators attached to the Lagos Zonal Directorate 1 of the commission successfully retrieved 2.3 million litres of Automotive Gas Oil (AGO) from a private storage facility in the state.
The enforcement action comes after investigative findings pointed toward systematic conversion and illegal product diversion involving Ibafon Oil and Gas and its promoter, Mamemo Ibru.
Backstory: Uncovering Missing Storage Volumes at Ibafon Depot
The enforcement intervention originated from an urgent petition submitted by Prudent Energy and Services Limited. The trading firm alerted anti-graft officials that large volumes of refined petroleum stored at the Ibafon Oil facility were vanishing without commercial authorization.
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Subsequent physical stock audits exposed severe operational discrepancies across the storage tanks:
- Recorded Inventory: 2,574,031 litres of diesel expected on site
- Physical Stock Discovered: 206,761 litres remaining in storage
- Unaccounted Volume: 2,367,270 missing litres diverted from the hub
Investigators established that Mr. Ibru allegedly took advantage of his administrative position to permit unauthorized fuel tankers to discharge and evacuate fuel designated for client accounts.
EFCC Restores Confiscated Petroleum Products to Owner
Following targeted interrogations and asset tracking, anti-graft operatives intercepted the diverted product stream. Consequently, the suspect yielded control of the missing stock back to the original owners under official supervision.
According to an official release reported by Premium Times, EFCC spokesperson Dele Oyewale confirmed that the entire recovered volume of diesel was handed back to Prudent Energy and Services Limited.
Strengthening Accountability Across Downstream Infrastructure
This enforcement action underscores the critical need for strict regulatory compliance within Nigeria’s downstream oil sector. Moreover, robust oversight remains vital to safeguard commercial storage arrangements and maintain operational integrity across major coastal terminals.
While the anti-graft agency successfully restored the missing inventory to the petitioner, regulatory checks continue to monitor private depot practices to prevent similar stock conversion incidents.
