DPR lifts sanctions on Folawiyo Energy

20 December 2015, Lagos – The Department of Petroleum Resources (DPR) has lifted the sanctions imposed on Folawiyo Energy Limited (FEL).

DPRIn a statement issued 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.

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