EFCC recovers N4.48bn diesel allegedly converted by oil firm in Lagos

The Economic and Financial Crimes Commission, EFCC, has recovered 2.3 cardinal litres of Automotive Gas Oil, AGO, commonly known arsenic diesel, valued astatine astir N4.485 billion, allegedly diverted from Prudent Energy and Services Limited by Mamemo Ibru of Ibafon Oil and Gas successful Lagos.

The betterment followed an probe launched by the anti-graft bureau aft Prudent Energy and Services Limited petitioned the EFCC implicit an alleged shortage of petroleum products it had entrusted to Ibafon Oil and Gas for storage.

EFCC spokesperson, Dele Oyewale disclosed the improvement successful a statement, saying the petitioner alleged that its products stored astatine the depot had been unlawfully withdrawn, resulting successful a important shortage successful its stock.

According to the agency, the institution claimed that repeated withdrawals from the stored products continued until its outstanding banal stood astatine 2,574,031 litres.

However, a consequent carnal inspection and reconciliation of the products reportedly showed that lone 206,761 litres remained successful the retention tanks, leaving a shortfall of 2,367,270 litres.

The EFCC said its probe established that Ibafon Oil and Gas is engaged successful the acquisition and merchantability of diesel and besides operates a retention installation wherever its products...