Concerned about the unfulfilled promises of investment in the Nigerian Independent Petroleum Company (NIPCO), oil marketers have demanded an examination of NIPCO’s financial dealings and earnings.
Marketers expressed displeasure about NIPCO’s decision to stop providing petroleum goods, but they were also concerned about the reason behind the company’s failure to release its withholding shares during the previous 20 years.
Bashir Ahmad Danmalam, President of Arewa Oil and Gas Marketers Association of Nigeria (AROGMA), has particularly asked that the National Assembly look into the circumstances surrounding NIPCO’s actions over the past 20 years.
In a statement, Danmalam requests that the Nigerian National Petroleum Company Limited (NNPC) step in regarding the shares that oil marketers have placed in NIPCO and the reason that no shareholder has ever received a single Kobo in profit throughout the years.
Danmalam claims that Nigerian oil marketers are unaware of the status of their shares at NIPCO. As a result, NNPC is being urged to stop issuing products to NIPCO until the issue of the withheld shares is handled.
The AROGMA bemoaned the fact that, despite significant amounts of money invested in NIPCO over the years, the company’s shares appear to be little more than bits of paper used to wrap roasted meat because investors aren’t seeing a return on their money.
“It is unfortunate situation where only foreigners appeared to be enjoying the shares invested by Nigerian oil marketers in collaboration with few Nigerians, some of whom have passed away without reaping any benefits for over two decades,” Danmalam said.
“I want to stress that the national assembly has the critical role to protecting the interests of Nigerians. We called for to thorough check on individuals who may have collaborated to cheat the masses and hundreds of oil markets at NIPCO. We also want to insist NNPC should cease issuing Products to NIPCO until the withheld shares are returned to the investors.
“AROGMA is committed to taking necessary steps to ensure justice is served, claiming that NIPCO collaborated with individuals, including disgruntled elements and foreigners, without delivering on the promised benefits to those who invested their shares.”
The oil marketers also called on the Federal Government to cease any relations with NIPCO or its agents to safeguard the sanctity of people’s rights.
More details to unfold..