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98 Briefcase Companies Stopped from Fuel Importation Business

By on March 1, 2012

Ninety-eight companies previously listed amongst the fuel importers into Nigeria have been shown the exit door by the Federal Government and stopped from exploiting the system of fuel subsidy in Nigeria.

These companies, according to investigations made by our correspondent, were blacklisted due to their failure to meet the guidelines required for fuel importers in Nigeria.

Petroleum Products Pricing Regulatory Agency (PPPRA) spokesman, Dr. Wole Adamolekun, stated that the agency had already begun making cuts to the importers list since last year, trimming the number of importers down from 125 to 42.

The development comes as a result of the Farouk Lawan led ad-hoc Committee on Subsidy Regime investigation.

Going forward, the PPPRA will only allow companies with retail outlets and storage facilities to import petrol into the country.