Nigeria, Aug. 18 -- The Economic and Financial Crimes Commission (EFCC) says it has recovered 2.3 million litres of diesel, also known as Automotive Gas Oil (AGO), worth N4.485 billion, allegedly converted at a Lagos oil depot.

In a statement shared with PREMIUM TIMES on Tuesday by EFCC spokesperson Dele Oyewale, 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.

EFCC stated 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.

According to the EFCC, Prud...