Oil Marketers, DMO meet over N800b debt, ultimatum

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…as IPMAN kicks against shutdown move

The Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and the Independent Petroleum Products Importers (IPPIs), Thursday met with the Debt Management Office (DMO) over the N800billion outstanding fuel subsidy debt and the seven day ultimatum to shutdown depots.

The Nation learnt from a reliable source that the meeting was to avert the threat of the marketers to plunged the country an energy crisis.

Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) Thursday kicked against any attempt by some groups of oil importers to disrupt the relative peace in the downstream oil sector of the country over the subsidy debts.

In a statement by the IPMAN National Secretary, Alhaji Danladi Pasali said the seven-day ultimatum issued by the Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and the Independent Petroleum Products Importers (IPPIs), is nothing but intimidation and an attempt to frustrate the effort by government to ensure Nigerians have a hitch-free yuletide celebration.

The IPMAN scribe said it’s unfortunate that some groups are more concerns of their personal interest above national interest. According to him, it is good for the marketers to ask for their rights but taking such decision to shut down the petroleum sector at this period of festivity is an act of sabotage.

He said already the Debt Management Office (DMO) has been addressing their concerns when they issued promissory notes to settle the oil marketers’ debts based on approval by the Federal Executive Council (FEC).

He said the DMO in a statement recently said FEC approved the establishment of the Promissory Note Programme and Bond Issuance to settle inherited local debts and contractual obligations due to various categories of creditors, including Oil Marketers in July 2017.

Pasali appeal to the marketers to change their tactics by seeking for other alternatives means to push for their demands, rather than blackmail and sabotage.

He said IPMAN members are aware of the government’s efforts to settle the remaining debts of the subsidy and are determine to assist the government to ensure hitch-free holidays.

Pasali said IPMAN, as the oldest association of petroleum marketers and regarded as closest to the end users of petroleum products will continue provide services to the public throughout the holidays.

He urged Nigerians not to be panic by the threat of the MOMAN and their allies, saying that at the moment NNPC controls majority of the fuel available in the country and is nearly the sole importer of the products.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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