N650bn debt: DAPPMA gives FG 14-day ultimatum

Posted by Yunus Yusuf | 21 February 2018 | 1,049 times

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The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) on Tuesday gave the Federal Government a 14-day ultimatum to settle a N650 billion debt owed its members.

It said failure to meet the deadline will force its members to disengage their workers.

Executive Secretary of the Association, Mr Olufemi Adewole, gave the 14-day ultimatum in a statement issued in Lagos.

Adewole said members did not have any other option to solve the problem of increasing debt burdens of borrowing to pay staff than to immediately commence massive staff disengagement.

“The unfortunate primary fallout of this step is the likely shut down of all DAPPMAN depots nationwide due to lack of manpower to operate same pending the time the Federal Government will pay off its indebtedness to petroleum marketers.

“This unfortunately will have a multiplier effect on the nationwide supply and distribution of petroleum products which presently is still a struggle,” he said.

Adewole said that a letter was written to the Presidency on Jan. 24 but government failed to respond to the plight of petroleum marketers, many of whom have become financially insolvent.

“We are continually under pressure from our banks/AMCON, with looming threats of imminent take-over of our petrol stations and tank farms.

“In the light of the above and after exhausting all formal avenues to secure payment of these debts, we have given government notice to the likelihood of disengaging our personnel.

“The unfortunate primary fallout of this step is the likely shut down of all DAPPMAN depots nationwide due to lack of manpower to operate same pending the time the government will pay off its indebtedness to petroleum marketers.

“This unfortunately will have a multiplier effect on the nationwide supply and distribution of petroleum products which presently is still a struggle,” he said.

According to the scribe, this letter serves as a reminder and an opportunity for government and its agencies to speedily approve and pay off its remaining subsidy era indebtedness to all the association’s members and all petroleum marketing companies. (NAN)


Source: News Express

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