NNPC owing marketers N800bn… has no cargo to allocate

The executive secretary of Depot and Petroleum Products Marketers Association (DAPPMA), Olufemi Adewole, said the association has paid over N90bn to the Nigerian National Petroleum Corporation (NNPC) for petrol but the corporation has no cargo for allocation.

Adewole said the NNPC is owing DAPPMA members N600 billion and other marketers over N800 billion.

“Marketers have continued to sacrifice to keep the country wet with fuel, despite over N600 billion debts owed our members and over N800 billion owed marketers as a whole,” he said.

“It is an indisputable fact that DAPPMA members have paid for petrol supply (with bank funds) for over one month, the value of which is in excess of N90 billion, yet PPMC/NNPC has no cargo to allocate to them.

“As such, how can we be held responsible for hoarding.”

He said in spite of the unsettled of debts, members of the association were still distributing petrol to every part of the country.

Adewole said the “essence of our initial press release is to throw light on salient issues surrounding the shortfall in current petrol supply which is solely being handled by NNPC”.

The marketers had issued a statement to debunk the federal government’s claim that they were behind the scarcity.

“It was not an attempt to join issues with PPMC/NNPC with which we are partners,” he said.

“NNPC’s view about our press release stating our side of the story and seeking to defend marketers for the very first time against the unwarranted accusations of hoarding and profiteering is rather unfortunate.

Adewole said that PPMC/NNPC did not transact business with DAPPMA members on credit; hence the company was not aware of any indebtedness to PPMC/NNPC by our members.

“We again reject any attempt to blame marketers for the shortfall in supply, as it is not our making since NNPC has been the sole importer since October 2017.”

NNPC had accused DAPPMA of owing N26.7 billion on petrol.