Oil marketers on Thursday appealed to the Federal Government to hasten payment of over N650 billion subsidy arrears to save their assets from being taken over by banks. The marketers, under the aegis of Major Oil Marketers Association of Nigeria (MOMAN), made the call in separate interviews in Lagos.

Members of the association include Independent Petroleum Marketers Association of Nigeria (IPMAN); Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs). The Executive Secretary of DAPPMA, Mr. Olufemi Adewole, urged the government to lessen the bureaucratic process involved in the payment process.

Adewole said that 60 per cent of marketers had been forced out of business, as banks had taken over their depots, assets and properties due to their inability to pay back monies borrowed. Similarly, the Chairman of South-West Chapter of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Mr Tayo Aboyeji, said that loading activities had been bad at most private depots.

Source: Daily Post