IPMAN denies N10.9bn subsidy fraud allegations

The investment arm of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied allegation of N10.9bn subsidy fraud.

Speaking with the Nigerian Tribune, Mr Tunji Adeniji, the Managing Director of IPMAN Investment Limited, debunked the alleged report on N10.9 billion subsidy scam in IPMAN Investment Limited, credited to a factional president of IPMAN, Elder Chinedu Okoronkwo.

Speaking after IPMAN NEC Meeting recently, Mr. Adeniji described as false the allegation that its Board of Trustees Chairman, Alhaji Aminu Abdulkadir, embezzled the proceeds of petroleum subsidy claim of the association amounting to over N10.9billion.

He said that the allegation, which was recently leveled against Abdulkadir by one of its factional leaders, Elder Okoronkwo was untrue insisting that Abdulkadir was not guilty of such crime, which Okoronkwo claimed he committed through IPMAN Investment Limited.

Adeniji said that the allegation was the handiwork of elements that are unhappy with the current peaceful state of the association.

He, however challenged anyone with evidence of wrong doing in IPMAN to come forward with such information for appropriate actions, insisting there was nothing like a N10.9billion subsidy claims.

Adeniji stated that IPMAN Investment Limited is legally instituted with credible members managing the company which Okoronkwo has testified to the credibility of the business group.

He said that all permits given to IPMAN investment Limited by the Petroleum Products Pricing and Regulatory Agency (PPPRA) were duly executed and the truck out certified.

According to him, “Okoronkwo ought to know the bounds of free speech and where defamation starts. It is hoped that he will click his tail in-between his legs and will correct his utterances for, as the Holy Book puts it, people perish for lack of knowledge and unfortunately, Okoronkwo has shown that he is one such ignorant person.

“IPMAN Investment Limited therefore requires an express apology from Okoronkwo for his acts of gross misrepresentation of facts or face appropriate legal actions.”

Adeniji said that IPMAN Investment Limited was a company registered in Nigeria and engages in the importation of refined petroleum products under the petroleum support fund (PSF) scheme of the Federal Government of Nigeria.

“The Petroleum Support Fund (PSF) scheme was set up to enable adequate payment of subsidy to marketers through the Petroleum Produce Pricing and Registry Agency (PPPRA), the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN) by the Federal Government of Nigeria.

“Subsidy payment is a cost recovery system whereby marketers were paid the differential between the total cost of in port and the regulated price of the government which could be over-recovery or under recovery as the case may be.

“Elder Chinedu Okoronkwo’s shout on subsidy scam in IPMAN Investment Limited was mischievous and a misrepresentation of facts, for he lacks knowledge of what subsidy payment is all about,’’ he added.