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₦200bn Debt: Petrol Marketers Threaten Withdrawal Of Services Amid Fuel Scarcity
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The Independent Petroleum Marketers Association of Nigeria (IPMAN), has threatened to cripple the supply of Premium Motor Spirit (PMS), also known as petrol, over non-payment of ₦200bn bridging claims.
The threat comes following current nationwide scarcity which has seen prices of Premium Motor Spirit (PMS), also known as petrol, surge to between N610 and N800 at the pump, and between N1000 and N1200 at the black market.
The association’s unit chairman and spokesperson, Aba Depot, Mazi Oliver Okolo who made the threat, said it was with the backing of the IPMAN’s national leadership.
He claimed that the debt is being owed by the Nigerian Midstream and Downstream Petroleum Regulatory Commission (NMDPRA).
In a communique released after a press conference on Tuesday, Okolo said NMDPRA failed to pay the ₦200bn debt despite a directive for payment from the Petroleum Minister (Oil) Heineken Lokpobiri.
The IPMAN deport Chairman claimed that since the directive by the minister in February 2024, only ₦13bn had been paid to their members, saying that the unpaid claim had crippled their businesses.
“We are extremely distressed and depressed by the laidback attitude of the leadership of the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), towards the survival of our member’s businesses, arising from NMDPRA’s deliberate delay and refusal to offset the debt of over N200 Billion owed our members, which has consequently led to the deaths of many of our members and the unfortunate collapse of their businesses.”
He blamed the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of petroleum products, for the current nationwide petrol scarcity, adding that some of its members have “completely” shut down their businesses, and retrenched their employees.
“We have watched with apprehension also, the unpatriotic attitude of the leadership of the NMDPRA to offset this debt that has been accrued to us since September 2022. As businessmen and women, our members acquired bank loans to keep their fuel retail outlets running daily across the nooks and crannies of Nigeria, to serve the teeming population of Nigerians.
However, it is demoralising to know that many of our members have gone bankrupt and have become financially insolvent as a result of their inability to meet their financial obligations to their banks, arising wholly from their inability to get their monies from the NMDPRA.
Consequently, also, the banks have taken over the business premises of many of our members. As indigenous organisations, and Depot Chairmen, we are unhappy that rather than receiving support from the government to boost our businesses, we are being discouraged, by the head of NMDPRA.
“It is noteworthy to recall and state here that at a stakeholders meeting held on the 20th of February, 2024 with Mr. Heineken Lokpobiri, the Honourable Minister of Petroleum Resources (Oil), and the NSA Nuhu Ribadu, Engr. Farouk Ahmed, the Chief Authority of NMDPRA, was mandated by Mr. Heinehken Lokpobiri to clear the entire debt in 40 days.
However 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 N13 billion has been paid, thus going the whole length to ignore our plight without remorse and without recourse to the Honourable Minister’s directive,” according to the statement.
Okolo also claimed that the NNPC Ltd imports the products, and supplies to private depots who then sell to them at exorbitant prices of between ₦820 and ₦950 per litre, adding that IPMAN members pay an extra ₦2m to transport it to other parts of the country, making it difficult for them to sell to Nigerians at the agreed pump price.
The IPMAN members called on President Bola Tinubu, to closely look into the matter, which according to them, is highly detrimental to their businesses, and reverse it forthwith, as it is bound to impact negatively on the masses thereafter.
“We see no reason why there should be an increment of over 500% on the Sales and Storage License by the NMDPRA. We totally reject it. We also hereby call on the federal government of Nigeria to wholly intervene forthwith in these lingering issues between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA).
“We are poised to take far-reaching decisions that may cripple the supply and sales of petroleum products across Nigeria if our demands are not met within the shortest period,” the group said.
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Just in: Dangote Refinery slashes petrol, diesel prices
Dangote Petroleum Refinery and Petrochemicals has announced fresh reductions in the prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), commonly referred to as diesel.
Information made available to an online medium on Saturday by a source familiar with the development showed that the refinery has lowered the gantry price of petrol by N25 per litre, bringing it down from N1,275 to N1,250 per litre.
The source also disclosed that the price of Automotive Gas Oil (diesel) has been reduced by N100 per litre.
The product will now sell at N1,700 per litre at the gantry, down from the previous N1,800 per litre.
The latest price reduction comes about three weeks after reports emerged that Dangote Refinery had increased the ex-gantry price of petrol.
At the time, a credible inside source disclosed that petrol continued to sell at N1,275 per litre at the refinery, hours after reports claimed that the company had raised its petrol price by N75 amid fluctuations in global crude oil prices.
Source: gistcore
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KWARA 2027: A FOOD FOR THOUGHT AND A POINT OF DECISION
My dear people of Kwara State,
Today, I speak not merely as the governorship candidate of the African Democratic Congress (ADC), but as a concerned son of Kwara State who believes that our future can and must be better than our present. This is not an acceptance speech; it is a food for thought and a point of decision for every Kwaran who desires genuine progress, security, and prosperity.
I begin by expressing my profound gratitude to the leadership of our great party, the ADC, and to our members and supporters across the sixteen local government areas for the confidence they have reposed in me. I am humbled by this trust and fully aware of the enormous responsibility it carries.
But beyond politics lies a fundamental question: What kind of Kwara do we want to leave behind for our children and generations yet unborn?
Kwara State is uniquely blessed. By geography and history, we are the gateway between Northern and Southern Nigeria. This strategic location places us at the crossroads of commerce, agriculture, transportation, and investment. Yet, despite these natural advantages, our state has not fully harnessed its immense economic potential.
Under purposeful leadership, Kwara can become the logistics and commercial hub connecting the North and South. We can attract industries, agro-processing facilities, warehousing hubs, transport terminals, and investments that create jobs and wealth for our people. Our fertile lands can support large-scale agriculture and agro-industrial development, while our strategic location can position Kwara as one of Nigeria’s leading destinations for business and investment.
However, no economy can thrive where insecurity persists. Investors do not invest where there is fear. Farmers cannot cultivate their lands where they feel unsafe. Communities cannot prosper when criminal elements threaten lives and property.
Security, therefore, is not merely a government responsibility; it is the foundation upon which development rests.
As a scholar and practitioner in Defence and Security Studies, I possess a deep understanding of contemporary security challenges and the strategies required to address them. My academic background, combined with practical experience in public service, has equipped me with the knowledge necessary to formulate effective security policies for our state.
If entrusted with the mandate to serve, my administration will work closely with conventional security agencies, traditional institutions, community leaders, vigilante groups, hunters’ associations, and other community-based security outfits to establish a comprehensive security architecture that protects every corner of Kwara State.
We shall strengthen intelligence gathering at the grassroots, improve coordination among security stakeholders, support lawful community policing initiatives, deploy technology where necessary, and ensure rapid response mechanisms to emerging threats. Our goal will be clear: to restore Kwara’s reputation as one of the safest and most peaceful states in Nigeria.
Kwara was once widely known for its tranquillity, harmony, and peaceful coexistence. We must not allow criminality, banditry, kidnapping, or external threats to define our future. Together with our security agencies and local communities, we shall reclaim every space threatened by insecurity and restore confidence among our people.
The ADC remains distinct because it is built on the principles of accountability, transparency, inclusion, and people-oriented governance. We believe leadership should be measured by results and service, not by propaganda and political patronage.
My candidacy represents competence, experience, independence, and a genuine commitment to the welfare of our people. I come without the burden of political Baggage, My commitment is to the people of Kwara State and to the vision of building a state where every citizen has an opportunity to succeed.
The election before us is therefore not merely a political contest. It is a defining choice between complacency and progress, between managing challenges and solving them, between unrealized potential and shared prosperity.
I firmly believe that Kwara can become a model state in Nigeria a state where security guarantees prosperity, where agriculture drives economic growth, where industries create employment, where education empowers our youth, and where government remains accountable to the people.
This vision is achievable, but it requires courage, unity, and a collective decision to embrace a new direction.
I therefore call on all Kwarans regardless of ethnicity, religion, political affiliation, or social status to reflect deeply on the future of our state. Let us rise above division and focus on competence, character, and capacity.
Let us choose leadership that understands our challenges and possesses the vision to transform them into opportunities.
Let us choose a future where Kwara’s strategic location becomes a source of wealth, where our communities are secure, where our youths are gainfully employed, and where prosperity is shared by all.
The time has come to move Kwara from potential to performance, from uncertainty to confidence, from insecurity to peace, and from promises to prosperity.
The choice is ours.
The future is ours.
The moment is now.
Hon. Zakari Mohammed
ADC Governorship Candidate, Kwara State.
News
Rema finally reveals why he ended his relationship with girlfriend
Nigerian singer Divine Ikubor, popularly known as Rema, has revealed why he ended his affairs with his ex-girlfriend, claiming that she was “quite manipulative”.
In an interview with YouTuber Korty EO, Rema said the relationship was “beautiful” but not always peaceful.
The singer lamented that sometimes when he returns home hoping to rest from the pressure of the outside world, his then girlfriend often greeted him with chaos.
He said he eventually walked away when he could no longer tolerate her excesses.
“My romantic relationship was beautiful but a little quite manipulative. So much pressure. Knowing the world puts so much pressure on me but coming back home is where you want to feel relieved but when you come back home and you are getting more pressure, it’s a different story. For now, I’m done,” he said.
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