">
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, February 16, 2019
News247 Nigeria
">
  • News
    • National News
    • Health News
    • Crime News
    • Defence News
    • Metro News
    • Education
  • Politics
  • Business
    • Tech News
  • World News
  • Entertainment
  • Interviews
  • Lifestyle
    • Healthy Living
    • Religion
      • Islam
      • Christianity
  • Opinion
    • Press Release
  • Sports
No Result
View All Result
News247 Nigeria
  • News
    • National News
    • Health News
    • Crime News
    • Defence News
    • Metro News
    • Education
  • Politics
  • Business
    • Tech News
  • World News
  • Entertainment
  • Interviews
  • Lifestyle
    • Healthy Living
    • Religion
      • Islam
      • Christianity
  • Opinion
    • Press Release
  • Sports
No Result
View All Result
News247 Nigeria
No Result
View All Result
">
Home Business

Oil marketers threaten to shut depots over N800bn subsidy arrears

Admin II by Admin II
December 3, 2018
in Business
0 0
0
Share on FacebookShare on TwitterFollow us Google Find us on LinkedInConnect with us on WhatsAppcontact@news247ngr.com

Petroleum marketers have threatened to down tools across all depots in protest against the inability of the Federal government to clear their backlog of about N800billion subsidy arrear.

">

The marketers, under the aegis of Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPI), said the debt was disrupting the smooth operations of their businesses.

To match their words with action, they have issued the Federal government a seven-day ultimatum to settle all outstanding debts or else they would shut down operations.

Read also ...Posts

No Content Available

Confirming the seven-day notice, Mr. Patrick Etim, Legal Adviser to IPPI, decried the failure of the government to settle the debts, lamenting that banks had taken over the assets of the oil marketers that took loans to import products under the fuel subsidy scheme.

He lamented that the marketers found it hard to pay the banks following their inability to get reimbursement from the government.

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

“As I speak, nothing has been done several months after assurances were received by the 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 begin to cut-down their workforce due to their inability to pay salaries.

“At the inception of the current administration, the marketers engaged the government with a view to securing approval for all outstanding subsidy-induced debts handed over to the current administration,” he said.

The lawyer 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 November 28, served the ultimatum letter on the Debt Management Office, 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.”

Culled from Sunnews

Share this:

  • Twitter
  • Facebook
  • LinkedIn
  • WhatsApp

Like this:

Like Loading...

Related

Tags: Oil marketersshut depotsthreaten to
Share3TweetShareShareSendSend

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
">
Previous Post

'It's the REAL me!' Nigerian president forced to confirm he is NOT a clone

Next Post

EFCC ramps up moves for arrest, extradition of Alison-Madueke

Next Post

EFCC ramps up moves for arrest, extradition of Alison-Madueke

Rio Ferdinand experiences unique character of Guinness at Flavour Rooms

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 29.8k Fans
  • 703 Followers
  • 27 Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest

Breaking: Nigerian army locates grave where missing general was buried

October 26, 2018

Being gay is God’s greatest gift to me – Apple CEO, Tim Cook says (video)

October 28, 2018

BREAKING: Idris removes Imo CP, 3 deputy commissioners, 11 others

January 2, 2019

Breaking: FG rejects N22,500 governors’ proposed minimum wage – Ngige

October 31, 2018

It feels like there’s no hope’: Nigeria’s worsening job crisis

1

Student who ‘ran mad’ after being dropped by Lexus SUV

1

Army counts gains of concluded operation Python Dance in south east

0

Breaking: INEC meets with Nigeria’s Former Heads of State

0

Breaking: INEC meets with Nigeria’s Former Heads of State

February 16, 2019

Election deferral: Nigerians shouldn’t blame INEC, says CLO

February 16, 2019

Remain calm, ignore rumors Sanwo-Olu urges Lagosians

February 16, 2019

Election Postponement: FG orders re-opening of borders

February 16, 2019
">

Follow @news247ngr on Facebook

Follow @news247ngr on Facebook

Recent News

Breaking: INEC meets with Nigeria’s Former Heads of State

February 16, 2019

Election deferral: Nigerians shouldn’t blame INEC, says CLO

February 16, 2019

Remain calm, ignore rumors Sanwo-Olu urges Lagosians

February 16, 2019

Election Postponement: FG orders re-opening of borders

February 16, 2019
  •  Lagos international Airport stands still as Man flew in 2018 Lamborghini worth N500million for Christmas Who says we re poor in Nigeria
  • Women need to be protected all over the world
  • Chief Olusegun Obasanjo on Alhaji Atiku Abubakar
Facebook Twitter Google+ Youtube RSS Instagram LinkedIn
News247 Nigeria

News247 Nigeria, is an online newspaper platform with an in-dept news dissemination on National Issues, Politics, Business, Sports, Ent'ment & Lifestyles.

Follow Us

Browse by Category

  • Breaking News (53)
  • Business (106)
  • Christianity (12)
  • Crime News (141)
  • Defence News (52)
  • Education (40)
  • Entertainment (98)
  • Health News (41)
  • Healthy Living (23)
  • Interviews (5)
  • Islam (3)
  • Lifestyle (21)
  • Metro News (30)
  • National News (265)
  • News (330)
  • Opinion (11)
  • Politics (235)
  • Press Release (8)
  • Religion (10)
  • Sports (100)
  • Tech News (25)
  • Uncategorized (11)
  • video (2)
  • World News (57)

Subscribe to Our Newsletter

Check your inbox or spam folder to confirm your subscription.

© 2018 News247ngr - Website Designed by AuspiceWeb.

No Result
View All Result
  • News
    • National News
    • Health News
    • Crime News
    • Defence News
    • Metro News
    • Education
  • Politics
  • Business
    • Tech News
  • World News
  • Entertainment
  • Interviews
  • Lifestyle
    • Healthy Living
    • Religion
      • Islam
      • Christianity
  • Opinion
    • Press Release
  • Sports

© 2018 News247ngr - Website Designed by AuspiceWeb.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: