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From Sola Ojo, Abuja
The Economic and Financial Crimes Commission (EFCC) has recovered 2.3 million litres of Automotive Gas Oil (AGO) valued at N4.485 billion in Lagos, while two persons were separately sentenced to six months’ imprisonment for illegal trading and hawking of naira notes.
The EFCC Spokesman Dele Oyewale, in two separate statements on Tuesday, said the AGO recovery followed an investigation into alleged stealing and criminal conversion involving Ibafon Oil and Gas.
He said the recovery was made on Monday, August 17, during an investigation involving Mamemo Ibru of Ibafon Oil and Gas.
To him, the investigation followed a petition by Prudent Energy and Services Limited, which alleged that petroleum products entrusted to Ibafon Oil and Gas for storage had been unlawfully converted, resulting in a substantial shortfall in its stock.
According to the EFCC, periodic withdrawals from the stored products left an outstanding balance of 2,574,031 litres.
However, a subsequent physical measurement and reconciliation exercise showed that only 206,761 litres remained in the storage tanks, leaving a deficit of 2,367,270 litres.
The commission said its investigation established that Ibafon Oil and Gas purchases and sells AGO while also storing petroleum products belonging to its customers at the same depot.
It alleged that Ibru, using his position as owner of the company, trucked out petroleum products in excess of the quantity belonging to Ibafon Oil and Gas, thereby converting the petitioner’s products for his personal use.
Following the EFCC’s intervention, the suspect handed over the recovered products to Prudent Energy and Services Limited.
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Meanwhile, Justice A. Aluko of the Federal High Court, Ikoyi, Lagos, on Tuesday sentenced two persons to six months’ imprisonment each for unlawful trading in naira notes.
The convicts, Mutairu Omowunmi Tawa and Faith Chukwujeku, were separately arraigned by the EFCC’s Lagos Zonal Directorate 1 on one-count charges.
The commission said Tawa was prosecuted for selling and trading N850,000 at Salamagic Event Centre, Onikan, Lagos, on July 25, 2026.
Chukwujeku, on her part, was convicted for allegedly hawking N1.3 million in N200 denominations on the same date in Lagos.
The offences contravened provisions of the Central Bank of Nigeria Act, 2007, as amended.
Both convicts pleaded guilty to the charges.
Following their pleas, prosecution counsel, Fanen Anum, reviewed the facts of the cases and urged the court to convict and sentence them accordingly.
He also asked the court to order the forfeiture of the cash recovered from the convicts to the Federal Government, describing it as an instrument used in committing the offences.
In his judgment, Justice Aluko found both women guilty and sentenced each to six months imprisonment with an option of N50,000 fine.
The judge also ordered the forfeiture of the cash marked as Exhibit C to the Federal Government.
