The Fund currently owes its members about N80 billion, according to Mike Osatuyi, National Controller of Operations for the Independent Petroleum Marketers Association of Nigeria.
“We have no obligation to the Fund because deposits would have been made before you lifted the goods. However, we owe the Fund N80 billion, which would be settled prior to the closure. The money accumulated over time, but it has since stopped doing so. As stated in the PIA, the Fund’s role came to an end once the downstream sector was fully deregulated, according to Osatuyi.
He acknowledged that IPMAN had also been asked to compare its financial records with those of the Fund.
“Since we deregulate, there is no need for the Fund once more. We do not know when they will pay the money they owe us, but it will happen before the accounts are eventually closed. The procedure has begun, and our members have received invitations,” he continued.
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The PEF was established by Decree 9 of 1975, which has since been amended by Decree Number 32 of 1989 and is now Chapter 352 of the Laws of the Federation. Its primary purpose was to compensate marketers for any losses they incurred in trucking petroleum products from depots to their filling stations throughout Nigeria. This ensured that petroleum products were priced uniformly throughout the country.
It was also confirmed by a source within the Nigerian Depots and Petroleum Products Marketers Association that members of the organization had been invited to the reconciliation meeting.
“We already knew that the Fund would close, and they have informed us that it has. Our members and other depot owners are being asked to reconcile the account at this point. Following the meeting on Wednesday, they informed us that the account would be closed in the following 20 days.
