Oil firm to pay FG N7m for theft

Lakeside Petroleum Retail Logistics Limited has been ordered to pay the Federal Government N7 million for transacting business without permission.

This call was made by the Federal High Court in Port Harcourt after the firm transacted business without permission.

Lakeside Petroleum, in 2018, was caught at Onne in Eleme Local Government, conveying products suspected to be artisanal diesel in a vessel, M.V Neya III, without approval, The Nations said.

The Economic and Financial Crimes Commission (EFCC), which sued the firm, said the offence contravened Section 1 (18) of the Miscellaneous Offences Acts M17 of the Reverse Edition (Laws of Federation of Nigeria) Act 2007, and punishable under the same Act.

Lakeside pleaded guilty to the two-count charge preferred against it, and was given a summary judgment. It was convicted and sentenced to one year in prison, or pay N7 million fine to the Federal Government.

According to The Nations, Justice M.I. Sani ordered that the money be paid through the Treasury Single Account (TSA), the product be sold and proceeds paid into TSA while the vessel released to the owner.

The firm chartered MV NEYA III before its arrest on May 7, 2018. At the point of arrest, the vessel had about 52,540 litres suspected to be AGO, loaded from an unnamed Metal Barge at Taraba-Jetty, Borokiri, Port Harcourt.

It was not registered with the Department of Petroleum Resources (DPR).