19 July 2018

Nigeria: Senate Okays Payment of N348 Billion Subsidy Claims Owed Oil Marketers

Senate yesterday approved the sum of N348 billion as payment of outstanding subsidy claims of oil marketers.

74 petroleum marketers have been pressing for the payment of the subsidy claims. Among the notable oil marketers earmarked for the payment are Aiteo N4.9b, Conoil N5.588b, Forte Oil N15,480b; Bovas N5,953b; Capital OilN8,339b; Mobil N8,282b; MRS Oil and Gas N20,948b; Oando N14.972b; Total N21.569b.

The approval of the senate was sequel to adoption of the interim report of the Committee on Petroleum Downstream on the Promissory Note Programme and a Bond Issuance to Settle Inherited Local Debts and Contractual Obligations to Petroleum Marketers.

Specifically, Senate said out of the subsidy claims, 55 oil marketers are to receive N275,750,415,108 while 19 others will get N73,452,639,866, ranging between 100 and 65 percent respectively.

Senate also has tasked its committee on Petroleum Downstream to continue its engagement with the Ministry of Finance, oil marketing companies, Petroleum Products Pricing Regulatory Agency (PPPRA) and other stakeholders.

This, Senate said would update all the liabilities and clear all outstanding debts, interest accrued and forex differential.

Presenting the report, chairman of the committee, Kabir Marafa (Zamfara State), noted that although marketers made claims to the tune of N670,497,543,15, as of June 30, 2017, the PPPRA verified and approved the sum of N429,054,203,228 to the Federal Ministry of Finance.

Meanwhile, the national executive of the Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday condemned rumors making the rounds discouraging stakeholders from attending NIPCO's forth coming Annual General Meeting (AGM) schedule to hold in Abuja later in the month.

The association described the action as being carried out by some individuals who choose to spread fake information.

The IPMAN secretary, Mr Danladi Pasali in a communiqué issued after the National Executive Council meeting held in Abuja, debunked the rumour and asked its members and other stakeholders of NIPCO to attend its forthcoming 2018 AGM.

Pasali said that the national body of IPMAN felt it necessary to put the record straight for the public to know that some there attention was drawn to a publication in one of the newspaper dated 17th July 2018 on the false allegation discouraging stakeholders from attending the NIPCO's forthcoming AGM of NIPCO.

He said that the national executive of IPMAN was aware that the chairman of NIPCO Plc, Chief Bestman Paul Anekwe has complied with the necessary provision of law.

He said that executive body of IPMAN under the leadership of Mr Chinedu Okoronkwo respected the views of members of IPMAN on freedom of speech; the NEC of IPMAN will not tolerate anybody to hide under the association's name to commit unlawful action to the detriment of IPMAN name.

According to him, the report also purported that IPMAN has petitioned the security agencies due to violation of rules.

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