Oil Barons, Ifeanyi Ubah, Tunde Folayiwo, Tonye Cole Suspended From Importing Petroleum Products

…fined along with others involved Ifeanyi Ubah

Oil barons, Ifeanyi Ubah, Tunde Folawiyo and Tonye Cole have been suspended from importing petroleum products through sanctions handed down to their companies.

According to information available to societynowng.com others are involved in the ‘’ban’’ that holds for a specified period

Their companies along with others have been suspended for three months from importing petroleum products for alleged profiteering.

In a statement issued by Abimbola Ogan, the DPR spokesperson, on Friday in Lagos the companies’ fuel import permits along with those of Samon Petroleum, Fynefield Petroleum in Calabar and Stallionaire Petroleum in Lagos have been suspended for selling fuel above the government regulated price of N77.66k at the depot.

The DPR also slammed N10 million fine on each of the companies and directed the Petroleum Product Pricing Regulatory Agency to revoke the companies’ allocations.

The DPR said it had put in place all necessary machineries to curb all incidents of profiteering, hoarding and other unwholesome practices by operators.
The statement equally advised the public to shun panic buying of fuel and report any noticeable infraction to the nearest DPR office

NAN