Folawiyo Energy Limited (FEL) has denied violating regulations that guide the sale of petroleum products, noting that the company has not had its own products in storage for the past three months.
The company said during the period that it only stored and distributed products for the NNPC, without any involvement in collecting payments from the companies taking the NNPC stock.
The company’s spokesman, Adeshola Komolafe , said that FEL has notified the appropriate authorities of these facts and has protested the unfair attempt to tarnish its corporate reputation.
Reacting to a statement issued by DPR announcing sanctions on Folawiyo Energy Limited, for allegedly “allowing Sahara Energy to use its depot to sell above the stipulated price,” Adeshola Komolafe, in a statement said, “The management of Folawiyo Energy Limited (FEL) has affirmed that its operations conform to best practice and are not in breach of any regulations. FEL is not involved in any conduct that could either invite fines or be construed as selling fuel stocks above regulated prices. How can you sell product you don’t have?”