The Independent Petroleum Marketers’ Association of Nigeria (IPMAN) has again called for scrapping of Petroleum Equalization Fund (PEF) from Nigeria’s petroleum distribution chain, saying the agency is a cesspool of corruption and a colossal waste.
Chief Ukadike Chinedu, the National Public Relations Officer and Publicity Secretary of IPMAN, fielding questions from a select oil and gas journalists in Abuja, described the fund as a colossal waste, which serves as a conduit pipe and a pool for corruption in Nigeria’s oil and gas sector.
But, in a reaction, Dr. Goddy Nnadi, Ukadike’s described statement as untrue, doubting if he has the mandate to speak on behalf of IPMAN.
According to him, such declaration cannot be coming from IPMAN because only last week the IPMAN national executive council held a meeting in Kano, where they passed vote of confidence in PEF
Nnadi said PEF has gone fully automated and has become more effective and efficient than ever, stressing that although the agency’s marketers are on the increase hitting close to 10,000, payments do not last more than one month.
“I can tell you that PEF is now fully automated and payments don’t last more than one month. And we have more marketers now close to 10,000 marketers across the country. The benefits of PEF on Nigerian society are evident,” he stated.
Earlier, IPMAN spokesman bemoaned the red tape that has allegedly led to misappropriation and delay in the payment of petroleum marketers in Nigeria, stressing that the body reaffirmed its stance that it would be a welcome development to scrap the PEF as recommended in the draft document for new Petroleum Industry Bill (PIB).
Ukadike advised government to ensure that local refineries were brought back to working conditions, adding that once that was done, there would be no need for PEF.
He said that PEF has the penchant of owing marketers for upwards one year for reasons best known to it, adding that such delay was affecting the smooth distribution of products across the country.
