Oil marketers have started re-negotiating with banks over the terms of the facilities they took from the lenders.
This followed moves by lenders to
take over the assets they used as collaterals for obtaining the facilities to
import fuel, it was learnt at the weekend.
The oil marketers include members
of Major Marketers Association of Nigeria (MOMAN), Independent Petroleum
Marketers Association of Nigeria (IPMAN), and Depots and Petroleum Products
Marketers of Nigeria (DAPMAN).
It was gathered that the marketers
have been visiting the directors of some of the banks to ask for more time as
they await the Federal Government, which has promised to pay them subsidies
amounting to about N800 billion, through which they intend to settle the debts.
Industry sources said many of the
marketers have been holding meetings with some banks’ chief executives on the
issue, adding that some of them have acquiesced to the demand for extension.
DAPMAN’s Executive Secretary, Mr
Femi Adewole, affirmed this, saying marketers were looking for means of
protecting their assets, adding that the banks were tired of taking excuses on
the issue.
Adewole said the development was expected,
as marketers had no other means of running their operation, except through
facilities, such as depots, fuel retail outlets and other highly valued
equipment.
He said some marketers were still
negotiating with banks, while others have concluded theirs.
He refused to mention the names of
the affected banks, saying the issue would further strain the relationship
between the banks and the marketers.
Speaking at the weekend, he
attributed the development to the wrong signal, which the government sent to the
public on the payment of subsidy arrears owed the marketers.
Adewole said: “After the meeting
among the Federal Executive Council, Debts Management Office (DMO), Central
Bank of Nigeria (CBN), Product Petroleum Pricing and Regulatory Agency (PPPRA),
House of Representatives’ Committee on Downstream Sector and marketers that the
government is paying the subsidy arrears in both promissory notes and
cash, banks misconstrued the issue.’’
“Banks thought the marketers have
collected their monies and are not ready to pay back their debts. This made
them to approach courts for injunctions to restrain marketers from using their
facilities, which they eventually got. I am aware of two depots that have been
seized by banks, as a result of the news that frittered to town that marketers
have been paid subsidies owed them by the government.”
According to him, marketers are
sensing dangers and not ready to leave anything to chance, hence the moves by
them to try and stop banks from carrying out further raids on their assets.
He said the decision by the
government to pay the debts in promissory notes does not show sincerity, adding
that marketers have to go back to banks discount the promissory notes, and
waste more time in the process.
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