Onyedi Odiegwu, Port Harcourt
A firm, the Lakeside Petroleum Retails and Logistic Limited, has pleaded guilty of oil theft charges levelled against it by the Economic and Financial Crimes Commission, Port Harcourt zonal office.
Following its plea before the Federal High Court sitting in Port Harcourt, the company was given one year jail term with an option of N7million by the court presided over by Justice I.M. Sani.
A statement by the EFCC zonal office said the offence was contrary to 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.
Sani sentenced the defendant to one year imprisonment with an option of fine of N7million to be paid to the Federal Government through Treasury Single Account.
The court further ordered that the petroleum product in motor tank, N.V. NEYA III, be sold and proceeds paid into the Treasury Single Account, while the vessel should be released to the owner.
The firm chartered MV NEYA III before its arrest on May 7, 2018.
At the point of arrest, MV NEYA IIl had about 52, 540litres of product suspected to be AGO, loaded from an unnamed Metal Barge at Taraba-Jetty, Borokiri, Port Harcourt.
The vessel was not registered with the Department of Petroleum Resources.