Folawiyo Energy Limited (FEL) has firmly affirmed its innocence of any infractions of the regulations that guide the sales of petroleum products. The company said that it has not had its own products in storage for the past three months, during which it has only stored and distributed products for the NNPC, without any involvement in collecting payments from the companies taking the NNPC stock. A company spokesperson said that FEL has notified the appropriate authorities of these facts and has protested the unfair attempt to tarnish its corporate reputation.



A statement signed by Adeshola Komolafe, public relations consultant to FEL, said that: “Our attention has been drawn to a statement purportedly issued by the spokesperson of the DPR announcing sanctions on our company for allegedly "allowing Sahara Energy to use its depot to sell above the stipulated price".



“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?



“FEL's Apapa depot has not held commercial stock since 20 September 2015. Operations at the depot since that date have been purely about dispensing NNPC and other third party stock, which is done following clear procedures and without any involvement by the company in charging or collecting payment for the stock. FEL has acted merely as storage and throughput providers. Therefore there is no way that FEL would be involved in the unseemly practices that have been unfairly and baselessly alleged. If there is a case against any importer that is squarely between the DPR and that importer. It is beyond conception that the company could be held responsible for a policing/monitoring function which it is neither able not equipped to do.



“FEL cherishes its reputation for proper conduct and has through proper channels vehemently protested this unfortunate attempt to besmirch its name. We have always been partners in progress with the DPR and all agencies of government and strongly believe that the necessary corrections will be made.”