Oil marketers, operating under the Independent Petroleum Marketers Association of Nigeria (IPMAN), have criticized the Nigerian National Petroleum Company Limited (NNPCL) for alleged delays in the supply of petroleum products. As a consequence, these marketers claim to have boycotted the NNPCL and turned to private depot owners for fuel procurement, albeit at a higher cost.
In an exclusive interview with The PUNCH, Hammed Fashola, the National Vice President of IPMAN, urged the Federal Government to reconsider the current distribution pattern, advocating for priority allocation to IPMAN members. Fashola asserted that independent marketers, who own 80 percent of filling stations in Nigeria, should receive the “lion share” in fuel allocation.
Fashola highlighted the challenges faced by IPMAN members, stating that they purchase products from NNPCL on a cash-and-carry basis without credit facilities. He raised concerns about delays in receiving products even after payment, emphasizing that their money remains trapped with the NNPCL, leading to financial strain for the marketers.
According to Fashola, IPMAN members collectively have billions of naira trapped in the NNPCL’s accounts. He lamented the impact on marketers, some of whom borrowed from banks, struggled to repay loans, and were forced to sell their stations to offset debts. Fashola emphasized the need for the NNPCL to review its sharing formula and increase the allocation to IPMAN.
Responding to these allegations, NNPCL spokesman Femi Soneye stated that he was unaware of any IPMAN funds trapped in the company’s account. He suggested that IPMAN should provide evidence for such claims, emphasizing that the association has appropriate channels for communication with the NNPCL. Soneye also mentioned that recent meetings with IPMAN did not address the reported issue.
