Nigeria In One Minute

Banks confiscate 79 filling stations, 9 tank farms over debt

Banks have confiscated multibillion naira worth of assets, including 79 filling stations and nine tank farms from fuel marketers as the lenders intensified collateral take-over spree in the downstream oil and gas industry. Oil Marketers under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers Association (DAPPMA), who confirmed the assets’ takeover yesterday, maintained that this was caused by delay in payment of over N800 billion in fuel subsidy debts and taxes, which the Federal Government owe the marketers.

The National Assembly and the Federal Executive Council (FEC) have earlier announced approval of the payment for marketers, but MOMAN and DAPPMAN said that the payment is yet to be made while its announcement and inaction of agencies saddled with payment have worsened their relationship with banks.

The processes highlighted for payment by the government, MOMAN and DAPPMAN said, were inimical to the operations of their businesses. “The processes they have highlighted are killing our businesses. Immediately the banks read in the media that the National Assembly had approved, they went to court, got injunction and seized our assets.

New Telegraph, November 19, 2018

Join the conversation


About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.

Do NOT follow this link or you will be banned from the site!