Oil dealers represented by the Independent Petroleum Marketers Association of Nigeria (IPMAN) have issued a stern warning, declaring their intent to close down all 30,000 IPMAN-operated stations nationwide if the Federal Government fails to settle the N200 billion debt owed to marketers.
In a communique released in Abuja by Yahaya Alhassan, Chairman of the IPMAN Depot Chairmen Forum, the association expressed frustration over the non-payment of marketers' bridging claims by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) since September 2022.
Alhassan emphasized the gravity of the situation, stating, "The consequences of the failure to pay the N200bn will be terrible... every marketer's outlet across Nigeria... will be shut down." He lamented the potential hardships this action would impose on Nigerians.
Despite previous efforts to resolve the issue, including a stakeholders meeting on February 20, 2024, where the NMDPRA was directed to clear the debt within 40 days, Alhassan revealed that only a fraction of the owed amount had been paid. The association criticized the NMDPRA's apathy towards the directive.
Expressing dismay at the toll the debt has taken on members' businesses, Alhassan highlighted instances of bankruptcies and closure of outlets, leading to job losses and bank takeovers. IPMAN called for urgent intervention from the President to address the situation.
In response, a spokesperson for the NMDPRA stated that the payment process was ongoing, indicating that payments are made incrementally over time. However, IPMAN reiterated its resolve to suspend operations nationwide until their demands are met, urging swift action from the government.
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