The flood of companies engaging in fuel importation following Federal Government deregulation of the downstream petroleum sector, may have been perpetrating capital flight, the Department of Petroleum Resources (DPR), said yesterday. Speaking at the release of fresh guidelines for fuel importation into the country, the Director, DPR, Mr. Mac Ofurhie, said the department has received an alarm from the Central Bank of Nigeria (CBN) on how marketers, under the guise of importing fuel, fleece the country of foreign exchange. According to Ofurhie, who was represented at the presentation of the guidelines to major oil marketing companies in Lagos, by an assistant director in DPR, Mr. Don Ugorji, marketers were either procuring foreign exchange twice for same product cargo or buying the foreign exchange without utilising it for the purpose. Full Story
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