On Tuesday, April 30, 2024, the Independent Petroleum Marketers Association of Nigeria (IPMAN) oil dealer, under the aegis of the Nigerian Federal Government, unveiled its intention to shut down 30,000 stations operated by IPMAN members across the country if the Government refuses to redeem its N200bn debt belonging to marketers.
The forceful and threatening decision resulted from the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s refusal to pay an accumulative and rising debt since September 2022.
The Chairman of the IPMAN Depot Chairmen Forum, Yahaya Alhassan, disclosed this in a communiqué issued in Abuja and further reinforced that marketers are clamouring for the closure of over 30,000 filling stations in Nigeria controlled by IPMAN.
The debt surfaced from the Federal Government’s payment to oil marketers for the transportation of oil products from depots to various states in the country. Alhassan said, “The consequences of the failure by NMDPRA to pay the N200bn “will be terrible, as every marketer’s outlet across Nigeria, from the North to the South, and from the East to the West, will be shut down.”
He further stated their effort to prevent and avoid the looming situation that will not sit well with Nigerians. The IPMAN offices on February 20, 2024, in a close door meeting with stakeholders, which include the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the National Security Adviser, Nuhu Ribadu, the Chief Executive of NMDPRA, Farouk Ahmed, ensured 40 days ultimatum to clear the entire debt as ordered by Lokpobiri.
Alhassan stated that today we have crossed the 40 days time-lapse given to the NMDPRA to clear the debt, and it is shameful to state that only the paltry sum of N13bn has been paid, thus going the whole length to ignore our plight without remorse and recourse to the minister’s directive.”
He further mentioned that various financial institutions are taking over IPMAN member’s business premises due to bankruptcy and inability to meet a financial obligation.
