Banks’ confiscates 15 tank farms, petrol stations, assets of defaulting marketers’

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Indications have emerged that commercial banks that assisted several downstream oil and gas investors with deep pocket loans, having tried every legal processes to get back their facilities are now combing nook and carnies of the country searching investments and properties belonging to their debtors’ for seizure.

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As at the last count, Naija247news can authoritatively report that affected banks (names with held) had taken over 15 tanks, filling stations and properties used as collateral by some operators whose debt dates far back into former administration of Goodluck Jonathan.

In a media chat, Head of Energy, Ecobank Plc, Dolapo Oni, said bank’s exposure to the oil sector in the last few years had not been rosy.

He said the debt figure in the oil and gas sector was still very large, adding that measures were now being taken by banks to get some of the debtors to sell some of their assets.

The executive secretary of Major Oil Marketers Association of Nigeria (MOMAN), Obafemi Olawore, in an interview, confirmed the development, saying the marketers were unable to offset their loans due to non-payment of a $2 billion outstanding subsidy by the Federal Government.

Before now, he said the group had severally made diligent presentation to the federal government, but nothing positive came out of the approaches, thus forcing banks to look for their money by all means after all.

Olawore said the marketers consisting of the MOMAN, Independent Petroleum Marketers Association of Nigeria (IPMAN), and Depot and Petroleum Products Marketers Association (DAPPMA) were under intense pressure from banks to pay back loans obtained to import petroleum products during the subsidy era in the country.

The official noted that the unpaid interest and foreign exchange differentials arising from the subsidy claims had led to insolvency and rendered the marketers financially handicapped to continue operations.

According to him, part of the drive to save the marketers will include the reimbursement of MOMAN members so that they can be alive to their businesses once more.

Peter Okafor
Peter Okaforhttp://Naija247news.com
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

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