Nigeria: Transport Owners Give PEF Ultimatum on Payment of Bridging Claims

22 January 2015

The Nigerian Association of Road Transport Owners (NARTO) has handed down a 10-day ultimatum to the Petroleum Equalisation Fund (PEF) Management Board to resolve all the problems associated with 'Project Aquila' and ensure prompt payment of bridging claims to the truck owners that lift petroleum products across the country or face the consequences of the actions of the members.

In a letter dated January 15, 2015, which was addressed to the Executive Secretary of PEF, Mrs. Sharon Adefunke Kasali, the association said the implementation of Aquila had been very problematic, while response to application had also been very slow, lasting for up to three months, without taking into consideration the fact that loan amortisation by the banks does not wait.

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