Femi Otedola's Forte Oil Fined 4.2 million For Hoarding Fuel By Kano State Government

A Forte Oil filling station which belongs to Nigerian billionaire and business mogul, Femi Otedola has been hit with a huge fine by the Kano state government. 

The Kano State Government had set up a committee to prevent hoarding of petrol and selling above official rate, has fined a Forte Oil filling station in the state the sum of N4.2million.

 The state commissioner for Commerce, Rabiu Bako, who is the chairman of the committee, said the stipulated penalty for a filling station found hiding petroleum products and selling above pump price was to make it pay fine by doubling the official pump price of their existing product. 

He added that at the time of the clamp down, the station had already disposed of 26,000 litres from the 34,000 litres allocated to it. The commissioner said when they multiplied the cost of the available litres with the surcharge, they arrived at N4.2million.

culled:premium times