EFCC Recovers N4.48bn Diesel Allegedly Diverted By Lagos Oil Firm

The EFCC says it has recovered 2.3 million litres of diesel allegedly diverted from Prudent Energy and Services Limited by an oil firm in Lagos.

The recovered product was valued by the anti-graft agency at about N4.48bn. The case followed a petition by Prudent Energy over petroleum products it said had been kept with Ibafon Oil and Gas for storage.

Daily Post reported that the EFCC accused Mamemo Ibru of Ibafon Oil and Gas of involvement in the alleged conversion. Premium Times also reported the recovery, putting the value at N4.4bn and linking the case to the same Lagos oil-firm allegation.

According to the reports, Prudent Energy alleged that repeated withdrawals left a major shortfall in its stock. The EFCC said a physical inspection and reconciliation showed only 206,761 litres left in the tanks from an outstanding stock of 2,574,031 litres.

The commission said its investigation led to the recovery of 2.3 million litres of Automotive Gas Oil, commonly known as diesel.

The matter is another reminder of how storage and custody disputes in the petroleum sector can quickly become criminal investigations when stock movements cannot be accounted for.

Sources: Daily Post, Premium Times