EFCC Uncovers ₦4.5bn Diesel Mystery in Lagos

(EFCC. Photo Credit: Nation News)

The anti-fraud agency, EFCC, has recovered over 2.3 million litres of diesel worth about 4.5 billion naira from an oil company in Lagos.

The company's owner is being investigated for allegedly st£@ling and converting the fuel that didn't belong to him.

The recovery happened at a fuel storage facility run by a businessman named Mamemo Ibru.

According to investigators, another company had stored diesel at his depot for safekeeping, but a lot of it went missing.

When the stored diesel was counted, it showed that the owner's company was supposed to have about 2.5 million litres left.

But when they actually measured what was in the tanks, only around 200,000 litres remained.

That meant roughly 2.3 million litres had disappeared.

The EFCC found that Ibru's company buys and sells diesel as part of its business. It also stores fuel for other clients at the same location.

During the investigation, authorities discovered that Ibru had been moving diesel from the storage facility in amounts greater than what his company actually owned.

The investigators say he was taking fuel that belonged to his clients and keeping it for himself.

After the EFCC stepped in, Ibru handed back the recovered diesel to the company that owned it.