Petroleum marketers to cease operations due to a ₦0.9 billion debt

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has made an appeal to Governor Chukwuma Soludo, urging him to address the unresolved financial obligation amounting to N900 million owed to contractors. 

These contractors had previously provided Automotive Gas Oil (AGO) for streetlight power initiatives, which unfortunately were suspended before completion.

IPMAN is advocating for the settlement of this outstanding debt, emphasizing the importance of honoring financial commitments to the contractors who supplied the essential fuel for the discontinued streetlight projects.

Mr. Chinedu Anyaso, the Chairman of IPMAN Enugu Depot Community overseeing Anambra, Ebony, and Enugu States, conveyed this request in Awka.

According to Anyaso, the contractors have adhered to the government’s directive to return all generators in their possession in an effort to recover the debts incurred when the contracts were terminated.

He expressed concern that if the state government fails to make the payment, marketers in the state might have to suspend operations without prior notice.

Anyaso highlighted the financial strain on marketers, emphasizing that their indebtedness to lenders and the immobilization of their capital were adversely affecting their businesses.

IPMAN has officially communicated with the Anambra government, notifying them of their compliance with the stipulated conditions for payment.

A letter, titled “Request For Debt Payment of N900,664,805.00 owed our members for Diesel supplied and Services Rendered in Respect Of Street Lights,” has been sent to the Ministry of Local Government, Chieftaincy, and Community Affairs.

The general assembly of the Independent Petroleum Marketers Association of Nigeria (IPMAN) is anxiously anticipating the response from the Anambra state government in relation to their appeal, as outlined in the letter that has been made available to journalists.