The Department of Petroleum Resources (DPR) has lifted the sanctions imposed on Folawiyo Energy Limited (FEL).
In a statement issued yesterday by the Public Relations Consultant to
the company, Adeshola Komolafe, DPR had to reverse the sanctions
after further investigations, concluding that there was no evidence that
FEL financially benefitted from any over-invoicing by a third-party.
The company was suspended by the regulatory agency from importation of
for three months, in addition to the payment of N10 million for
allegedly allowing Sahara Energy Resources to use its depot to breach
the stipulated price.
The firm had affirmed its innocence of any infractions of the regulations that guide the sales of petroleum products.
It said in a statement that it had not had its own products in storage for the past three months,
According to the company, it had only stored and distributed products
for the Nigerian National Petroleum Corporation (NNPC), without any
involvement in collecting payments from the companies taking the NNPC
stock.
The company was not involved in any conduct that could either attracted
fines or be construed as selling fuel stocks above regulated prices.
It said the announcement of sanctions by the DPR was potentially hugely
damaging to its reputation and sought a quick reversal from the DPR,
which it had now obtained.
Credit Thisday
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