Oil marketers on Sunday in Lagos gave the Federal Government seven-day ultimatum to settle outstanding debts totalling N800 billion, failing which depots would cease operation across the country.


The marketers, comprising Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs), said failure to meet the deadline would force its members to disengage workers from depots.

Confirming the seven-day notice, Mr Patrick Etim, Legal Adviser to IPPI told the News Agency of Nigeria (NAN) that banks have taken over investments and assets of oil marketers over unpaid debts.

According to Etim, marketers have no chcice that to ask their workers to stay at home over unpaid salary arrears due to huge subsidy debts owed by the government.

“The only way to salvage the situation is for government to pay the oil marketers the outstanding debts through cash option instead of promissory note being proposed.

“As I speak, nothing has been done several months after assurances received by government saying it would pay off the outstanding debts.

“The oil marketers have requested that forex differential and interest component of government’s indebtedness to marketers be calculated up to December 2018 and be paid within next seven days from the date of the letter sent to the government,’’ he said.

Etim said that several thousand jobs were on the line in the industry, as oil marketers began cut-down of their workforce due to inability to pay salaries.

“At the inception of the current administration, marketers engaged the government with the view to secure approval for all outstanding subsidy-induced debts handed over to the current administration,’’ he said. The counsel said that the current administration paid part of the debts with a substantial portion of the subsidy interest and foreign exchange differential still pending.

The Executive Secretary of DAPPMA, Mr Olufemi Adewole, also confirmed the seven-day ultimatum notice. Adewole disclosed that the oil marketers on Nov. 28 served the ultimatum letter on the Debt Management Office (DMO), Minister of Finance, Chairman, Senate Committee on Petroleum Downstream, Department of State Services and Minister of State, Petroleum Resources.

“We urge the DMO to process and pay marketers in cash for their outstanding forex differentials and interest component claims, together with the amount already approved by the Federal Executive Council (FEC) and the National Assembly.

“Marketers are not in a position to discount payment on the subsidy-induced debt owed as proposed by DMO.

“The expected payment is made up of bank loans, outstanding admin charges due to PPPRA, outstanding bridging fund due Petroleum Equalisation Fund (Management) Board and in a few cases AMCON judgment debts.

“We urge that the Federal Executive Council (FEC) approved payment instrument, (the promissory note) be substituted with cash and paid through our bankers to stop the avoidable waste of public funds through these debts accruing interest,’’ he said.

Source : https://www.collegegist.com.ng/p/274/breaking-fuel-scarcity-looms-as-oil-marketers-give-fg-7-day

Normal thing for December from them

Oya APC goons. Come n defend ya buhari. These marketers no know say this govt can lie?

Christmas has come they have started doing what they are known for doing fraudulent government

kings09:
Oya APC goons. Come n defend ya buhari. These marketers no know say this govt can lie?

Nigeria Oil Workers Strike Over Inefficiencies, Corruption
^{December 16, 2014
https://www.voanews.com/a/nigeria-oil-workers-strike-over-inefficiencies-corruption/2560520.html}

There's nothing like oil workers, if anything bring scarcity this time it may be as a deliberates attempt by the fg to suffer the Christians on this exmass season

December


This is a deliberate effort to deny we flatinoooos December homecoming

We wl not take this
This is wickedness
Jubril must go back to sudan

Here we go again...their normal December parrol!

The Annual Madness is here again.
Brace yourselves people, this one may take another dimension

Oloripelebe:
December


This is a deliberate effort to deny we flatinoooos December homecoming

We wl not take this
This is wickedness
Jubril must go back to sudan

Sharrap there!

I am still waiting for the year when there will be fuel scarcity during Sallah celebrations.

How come it is only during Christian holidays like Easter and Christmas that scarcity looms?

Petrol or no petrol, South Easterners must find their way back to the village for Christmas.
We have a culture.
We have the money.
Jubrin and his brothers have failed.

Christmas go hot for Lagosians and Easterners

Hope they remember the experience last year ...N250/litre of fuel in East throughout Christmas and New Year.

This people would never learn and unlearn.

Useless APC government

Let February do and come let's vote Atiku and obi jare!

We can't continue like this. We have decided!

Sai Atiku

Sai Obi

This Fulani herd govt can't tell me this isn't a deliberate act because it occurs every Christmas.


it is well.

There could be total shutdown of the nation soonest.

Hahahaha..........

Christmas is coming now.


I hope they don't make more people believe in the conspiracy theory that fuel scarcity during Christmas/New Year season is premeditated.

Lol fuel scarcity during the year end festive period has become a norm. I have been anticipating this.

December things

escapefromusa:


Nigeria Oil Workers Strike Over Inefficiencies, Corruption
^{December 16, 2014
https://www.voanews.com/a/nigeria-oil-workers-strike-over-inefficiencies-corruption/2560520.html}

But we didnt vote Buhari to continue like the GEJ na. We voted him not to do like GEJ na.

It's abt time

Abi oo....as per usual December don reach

they have started again always trying to spoil the last month of the year.

DoTheNeedful:
Hahahaha..........

Christmas is coming now.


I hope they don't make more people believe in the conspiracy theory that fuel scarcity during Christmas/New Year season is premeditated.

with the way it happens every December, you should know it premeditated.

Yuletide is here. They've started again.

Crooks.

It is not new to Nigerians nah. There is always fuel scarcity during Christmas period nah.


Same oil UAE has is what Nigeria have. Check out the two countries

This country called Nigeria, I don't know why we still exist as a country.

These bad ppl have returned again. Its at d end of d year that they always make all sorts of mind boggling evil profits from d extreme exploitation of d citizenry . God is watching them

Why every December? Banks won't dispense money, filling stations won't sell fuel. Who we offend?

Karma is hunting APshiit

NO ACADEMIC ACTIVITIES, NO FUEL! BUHARI! BUHARI!! BUHARI!!! HOW MANY TIMES DID I CALL YOU?

Must fuel scarcity looms every December each year

Oil subsidy must go

The main problem is the 800million that has to be paid in subsidy claims, IE the 800million difference between the cost of fuel and the cost importing it.

There is a solution to the problem. Allow marketers sell fuel at the price they want to sell. Yes. Fuel will sell as high as 300 naira per liter. Yes, life will get hard, but there will be no scarcity, no subsidy scams, and crucially long term prices will fall.

Oil subsidy must go. Since 2006, even since 1993!