A Lagos based oil depot has allegedly converted2.3 million litres of diesel, also known as Automotive Gas Oil (AGO), worth N4.485 billion, products being withdrawn periodically, resulting in a growing shortfall in its stock.
Penpushing reports that Economic and Financial Crimes Commission (EFCC) spokesperson Dele Oyewale, said the recovery was made on Monday by the commission’s Lagos Zonal Directorate 1 during an investigation into an alleged case of stealing and criminal conversion involving Ibafon Oil and Gas and its owner, Mamemo Ibru.
The commission in a statement explained that the investigation followed a petition by Prudent Energy and Services Limited over petroleum products the company said it had entrusted to Ibafon Oil and Gas for storage.
Penpushing further reports that the Economic and Financial Crimes Commission (EFCC) said the company’s outstanding balance was eventually put at 2,574,031 litres, adding that when a physical measurement and reconciliation of the products were carried out, only 206,761 litres were found in the storage tanks.
The commission stated that the exercise revealed a shortfall of 2,367,270 litres, explaining that its investigation showed that Ibafon Oil and Gas buys and sells diesel and also stores petroleum products belonging to its customers at its depot.
Penpushing also reports that it alleged that Ibru, taking advantage of his position as the company’s owner, arranged for petroleum products to be trucked out beyond the quantity owned by Ibafon Oil and Gas.
The Economic and Financial Crimes Commission (EFCC) said the products allegedly belonged to Prudent Energy and were converted for Ibru’s use, stressing that following the commission’s intervention, Ibru handed over the recovered products to Prudent Energy
Penpushing reports that Economic and Financial Crimes Commission (EFCC) did not disclose whether Ibru had been arrested or charged in court, however, the recovery comes amid the agency continued prosecution of suspects in cases of deals involving petroleum products.
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