ADVERTISEMENT
The Sun Nigeria
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Home National

N800bn subsidy arrears: Oil marketers say no agreement with FG as 7-day ultimatum lapses on Monday

8th December 2018
in National
0
Oil marketers threaten to shut depots over N800bn subsidy arrears
22
SHARES
297
VIEWS
Share on FacebookShare on Twitter

NAN

Oil marketers on Saturday said they did not reach any agreement with Federal Government on the N800 billion subsidy arrears, saying their ultimatum to cease depots operations on Monday remained unchanged.

Mr Olufemi Adewole, Executive Secretary, Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), said in a statement in Lagos that offers by government failed to meet the legitimate demands of the association.

‘ We did not sign the purported document with government as claimed. We still stand by our utimatum which will expire on Monday.

The News Agency of Nigeria (NAN) recalls that the Federal Ministry of Finance on Dec. 6 said that the Federal Government and petroleum marketers had agreed on the settlement of outstanding claims.

The ministry, in a statement issued by Mr Paul Abechi, Spokesman for the Minister of Finance, Mrs Zainab Ahmed, in Abuja, assured that operations at all depots and sales would continue until further notice

READ ALSO LAUTECH appoints new VC, 2 others

NAN also recalls that the oil marketers had on Dec. 2 gave federal government seven-day ultimatum to settle outstanding N800 billion subsidy payment debts, failing which they would cease depots operations.

However, the oil marketers said: “We refer to the press release from the Federal Ministry of Finance following the meeting with marketers under the aegis of DAPPMAN, MOMAN and IPMAN and most respectfully refute its contents with the following clarifications.

“DAPPMAN reiterates that there was no agreement reached because offers by government failed to meet the legitimate demands of the association and we did not sign the purported document.

“Hence, our ultimatum stands as we cannot continue to borrow from banks to pay staff salaries.

“DAPPMAN’s demands made to the FG through the Honourable Minister of Finance and Debt Management Office was to pay cash and the total sum of indebtedness to marketers within the time frame.

“This was expressed in communications with the government, Ministry and other relevant office.”

According to the marketers, this is to enable them continue in business, pay staff and not rely on facilities from banks which are no longer forthcoming.

“We affirm that of all stakeholders, MOMAN, IPMAN and DAPPMAN that participated in the PSF scheme, DAPPMAN has the largest debt exposure in the downstream sector.

“DAPPMAN has alerted the FG to this dire situation and specifically to the challenge our member companies face, leading to our inability to pay December 2018 salaries to our teeming work force without the immediate settlement of the debts owed by the FG.

“Most unfortunately, this has not been heeded.
“Since government globally is recognised as a continuum, FG is obliged to settle all legitimately incurred and verified Sovereign debts due to marketers promptly,” the oil marketers said.

The marketers stressed that those debts owed to them actually belonged to banks, their shareholders, depositors and other Federal Government Agencies such as PPPRA, PEF-M-B, AMCON.

The marketers said banks, in compliance with extant banking regulations of the CBN, recently swooped on marketers with non-performing loans, taking over their depots and also cutting off any form of trading loans to them.

“As a result, thousands of families have lost their means of livelihood.

“Many more marketers will follow suit in the event that FG does not settle these debts to marketers.

“Unfortunately based on the FG, failed promises to address the sovereign debt which was then less than N350 billion, it has grown to over N800 billion and still Federal has yet to pay.

“December 2018 makes it 18 months after FEC approval for this payment and three months after the National Assembly (NASS) approval, yet marketers have not been paid.

“We emphasise that FG’s proposed payment of promissory notes is not acceptable to DAPPMAN. Will want our money paid in cash.

“This will adversely affect the financial system taking due cognisance of the futuristic nature of this proposed mode of financial.

“Therefore, as from today, our work force, save for security operatives, will effective, 7th December 2018 cease to be on our payroll pending payment of the debt owed by the Federal Government,” they said.

Tags: olufemi adewolepaul abechizainab ahmed
Omotayo Edubi

Omotayo Edubi

Related Posts

MOU
National

284 indigenous companies applied for Delta-2 Project – FG

7th August 2022
We are not employers of university lecturers, NAPTAN tells FG
National

We are not employers of university lecturers, NAPTAN tells FG

7th August 2022
Rivers APC crisis: Abe’s supporters to shun congress
National

Lack of investment in youths responsible for society’s failure – Abe

7th August 2022
Next Post
JANG

EFCC compelled me to lie against Jang, witness tells court

BATURE

Security: Plateau'll reward Buhari, Lalong with massive votes in 2019-Bature

British Council organises capacity-building workshop for journalists

British Council organises capacity-building workshop for journalists

Leave a Reply Cancel reply

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

Highlights

Lack of investment in youths responsible for society’s failure – Abe

19th UFAK Western African Championship: Team Nigeria emerge 3rd overall best

Edo: Obi supporters vow to neutralise saboteurs, win State, National Assembly seats for LP

Police partner NGO to train personnel on drug prevention, treatment

Jaiz Bank posts N2.54bn Q2 profit

Jaiz Bank profit increases by 27.6% in six months

Trending

MOU
National

284 indigenous companies applied for Delta-2 Project – FG

7th August 2022
0

From Charity Nwakaudu, Abuja The Federal Government has said that not less than 284 Nigeria companies have...

We are not employers of university lecturers, NAPTAN tells FG

We are not employers of university lecturers, NAPTAN tells FG

7th August 2022
100,000 loan applicants not shut out in Anambra — NMFB

NIRSAL Microfinance Bank unveils new facility for MSMEs

7th August 2022
Rivers APC crisis: Abe’s supporters to shun congress

Lack of investment in youths responsible for society’s failure – Abe

7th August 2022
19th UFAK Western African Championship: Team Nigeria emerge 3rd overall best

19th UFAK Western African Championship: Team Nigeria emerge 3rd overall best

7th August 2022
ADVERTISEMENT

Follow us on social media:

Latest News

  • 284 indigenous companies applied for Delta-2 Project – FG
  • We are not employers of university lecturers, NAPTAN tells FG
  • NIRSAL Microfinance Bank unveils new facility for MSMEs
  • Lack of investment in youths responsible for society’s failure – Abe
  • 19th UFAK Western African Championship: Team Nigeria emerge 3rd overall best
  • Edo: Obi supporters vow to neutralise saboteurs, win State, National Assembly seats for LP
  • Police partner NGO to train personnel on drug prevention, treatment
  • Jaiz Bank posts N2.54bn Q2 profit
  • Jaiz Bank profit increases by 27.6% in six months
  • NIDCOM debunks Aminu claim over non-engagement  
  • Plateau 2023: I won’t relinquish LP governorship ticket – Margif
  • Kano govt lauds Pillars FC performance in Aiteo Federation Cup
  • BBNaijsS7: Beauty disqualified from Big Brother Naija
  • Nigeria promotion of media freedom, others, attracting int’l attention – Buhari 
  • 2023: INEC should be empowered to allow Nigerians in Diaspora vote – Prof. Magaji
  • APC crisis: C’Rivers aggrieved members petition national chairman
  • Terrorists relocate to Katsina metropolis, kill four, abduct others
  • NDLEA nabs 90-year-old bandits’ drug supplier, others at Lagos airport
  • Breastfeeding: Experts advocate implementation of 6 months maternity leave, conducive workplace
  • 2023: APP sues APC, prays court to exclude Party from Abia Guber, Assembly Elections

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • Change of Name
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.