The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns about the Nigerian National Petroleum Company Limited (NNPCL) regarding delays in fuel supply. According to the National Vice President of IPMAN, Hammed Fashola, over N300 billion funds belonging to its members are reportedly held up by NNPCL.
Fashola emphasized that IPMAN purchases products from NNPCL on a cash-and-carry basis without any credit facilities. This payment method has resulted in extended waiting periods of two to three months before receiving the purchased products. As a consequence, IPMAN believes that NNPCL is essentially trading with their money, causing significant financial strain on its members and hindering their ability to procure fuel efficiently.
In response to these claims, NNPCL’s spokesman, Femi Soneye, expressed unawareness of any funds belonging to IPMAN being trapped in the company’s accounts. Soneye urged the individual within IPMAN making the allegations to provide evidence to substantiate the claims.
The discrepancy in perspectives between IPMAN and NNPCL underscores the urgent need for transparency and efficiency in the fuel supply chain to ensure the smooth operation of Nigeria’s petroleum industry. This ongoing dispute not only impacts the financial well-being of IPMAN but also raises questions about the accountability and operations of NNPCL. As the situation unfolds, stakeholders will be closely watching for a resolution that benefits all parties involved while also ensuring the unhindered supply of fuel to the Nigerian populace.
