• Reps to probe PPMC, oil marketers over N500bn debt

    Reps to probe PPMC, oil marketers over N500bn debt

    It was gathered that the House of Representatives, on Thursday, resolved to investigate the N500 billion debt owed Petroleum Pricing Marketing Company by major marketers and independent oil marketers.

    The House said the decision is in line with sections 88 and 89 of the 1999 Constitution as amended, which empowers the house to carry out oversight functions on government institutions.

    The decision followed a motion of urgent public importance by Rep. Agom Jarigbe (PDP-Cross River), unanimously adopted by members through a voice […]

  • EFCC recovers N46b from oil marketers

    EFCC recovers N46b from oil marketers

    Oil marketers have refunded N46 billion in a probe of massive fraud in the sector, The Nation has learnt.

    It is all part of the ongoing probe of the rot in the Nigerian National Petroleum Corporation, an Economic and Financial Crimes Commission (EFCC) source said yesterday.

    The marketers, who are not named because “the investigation is yet to be concluded”, lifted products without paying a dime to the defunct Petroleum Products and Marketing Company (PPMC), a subsidiary of the NNPC now known […]

  • NNPC probe: EFCC recovers N46b from oil marketers

    NNPC probe: EFCC recovers N46b from oil marketers

    As part of the ongoing probe of the rot in the Nigerian National Petroleum Corporation (NNPC), the Economic and Financial Crimes Commission (EFCC) has recovered N46 billion from oil marketers.

    Oil marketers have refunded N46 billion in a probe of massive fraud in the sector.

    The massive probe of the oil sector which is yet to be concluded according to an EFCC source involves marketers whose name cannot be disclosed at the moment.

    The marketers allegedly lifted products without paying a dime to […]

  • Oil marketers want payment of $800m forex differentials

    Oil marketers want payment of $800m forex differentials

    As banks and other lenders have begun a recovery programme to recoup loans and debt from the downstream sector of the oil industry, the Major Oil Marketers Association of Nigeria (MOMAN) has appealed to the Federal Government to ensure payment of two years accumulated claims on interest and foreign exchange differentials of over $800 to allow for free flow of Premium Motor Spirit in Nigeria (PMS) in the country.

    Besides, the current PMS monthly data from the National Bureau of Statistics […]

  • Oil marketers set to flood market with petrol after reaching agreement

    Oil marketers set to flood market with petrol after reaching agreement

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it is ready to flood the market with fuel as it has gotten credit line from outside investors to access foreign exchange to import petroleum products into the country.

    Alhaji Danladi Pasali, IPMAN National Secretary, disclosed this in an interview on Tuesday in Abuja. He said that IPMAN was willing to continue to work with government to ensure availability of products in the country.

    “We have foreign investors that we work with; they gave […]

  • Oil marketers commence petrol loading at Apapa as depots offer 24 hours service

    Oil marketers commence petrol loading at Apapa as depots offer 24 hours service

    Oil marketers in the South-West Zone of the country have commenced loading of petrol in Apapa, Lagos as the major depots offer 24 hours service.

    A Correspondent of the News Agency of Nigeria (NAN) who monitored petrol distribution at the depots on Thursday reports that more than 1,000 tankers were loading the product.

    NAN reports that the articulated vehicles were sighted at Capital Oil, Folawiyi, NIPCO, Aiteo, Mobil, Rahamaniya, De Jones and Integrated Oil loading points.

    It will be recalled that the Minister […]

  • Oil Marketers call off Strike, promise to start fuel delivery soon

    Oil Marketers call off Strike, promise to start fuel delivery soon

     

    According to the Chairman of the Senate Committee on Petroleum resources, Magnus Abe, he informed the newsmen that a solution to fuel crisis has just been worked out, that the major oil marketers association of Nigeria (MOMAN) has finally reached an agreement with the government to begin supplying country with much needed petroleum products.

    Based on that decision, petroleum products delivery across the country will be restarted “in six hours”.

    At the same time the Nigeria union of petroleum and natural gas […]

  • Oil marketers holding Nigerians to ransom, says Okonjo-Iweala

    Oil marketers holding Nigerians to ransom, says Okonjo-Iweala

    It was revealed that the Federal Government has faulted the N200 billion claim by oil marketers as outstanding payment on subsidy.

    While briefing newsmen in Abuja on Sunday, the Minister of Finance and Coordinating Minister of the Economy Ngozi Okonjo-Iweala, faulted the claims of the oil marketers and said that they were holding the Nigerians to ransom.

    “As you know, we paid N156 billion recently to the marketers; N100 billion being the principle payment we owed them and N56 billion being interest […]