Oil marketers give FG 7-day ultimatum over N800bn subsidy debt

Oil marketers have threatened to disrupt fuel supply nationwide if the federal government fails to clear their N800 billion debt within seven days.

They warned yesterday in Lagos that at the expiration of the ultimatum, they would cease operations and withdraw their employees from all the depots across the country.

The threat came from the Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA), and Independent Petroleum Products Importers (IPPIs).

Through their legal adviser, Mr. Patrick Etim, the marketers said that they were forced to resort to the measure because banks had taken over their investments and assets because of the huge debt.

The marketers kicked against the move to pay the debts through promissory notes, stressing that following the circumstances they found themselves, cash payment is the most realistic way out of the situation.

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