Nigeria’s Oil marketers have given a seven-day ultimatum to the Federal Government to settle outstanding debts totaling N800 billion, failing which it will shut down oil depots across the country.
The marketers, operating under the aegis of Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPI), in a recent statement stressed that failure to meet the deadline would force their members to disengage workers from depots.
Legal Adiser to IPPI, Patrick Etim, lamented that banks had taken over investments and assets of oil marketers over unpaid debts.
According to him, marketers have no choice but 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 stated 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 the current administration paid part of the debts with a substantial portion of the subsidy interest and foreign exchange differential still pending.
On his own part, the Executive Secretary of DAPPMA, Olufemi Adewole, confirmed the seven-day ultimatum notice.
According to him, the oil marketers on November 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,” he stated.

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