The Independent Petroleum Marketers Association of Nigeria (IPMAN) concluded its Annual General Meeting (AGM) for the Western Zone on Wednesday in Ibadan, the Oyo State capital.
The meeting, held at the Kakanfo Inn, featured the election of new zonal executives, discussions on pressing industry issues, and strong advocacy for the privatisation of Nigeria’s public refineries.
The event was marked by a peaceful process and strong participation from delegates across the region.
The elections were conducted to appoint new leaders to manage the affairs of the Western Zone. Among the positions filled was that of the Chairman, alongside other key offices such as Secretary, Treasurer, and Public Relations Officer.
Chief Oyewole Joseph Akanni emerged as the new Chairman of the zone. In his acceptance speech, Chief Akanni commended his predecessor, Alhaji Dele Tajudeen, for his visionary leadership and pledged to build on the successes of the past administration.
Chief Akanni also thanked members for their trust and confidence in his leadership. He emphasised the importance of unity and collaboration among members to address the challenges faced by the petroleum marketing industry. He also promised to work diligently to improve the welfare of members and enhance the efficiency of operations within the zone.
“Your dedication, wisdom, and unwavering commitment to our mission have inspired us all, and I am deeply grateful for the opportunity to build upon the foundation you have laid. As a functional and participatory Vice Chairman in the last administration under your leadership, I am pleased to affirm that this newadministration will be an administration of continuity, building upon theexcellent foundations and initiatives that you so ably started”, he said.
The outgoing executives were praised for their service and contributions to the association. Their leadership was recognized for promoting harmony and ensstakeholderuring efficient distribution of petroleum products in the region.
Members and stakeholders have expressed confidence in Chief Akanni’s ability to lead the Western Zone effectively. Many anticipate that his tenure will bring innovative ideas and renewed vigor to the association, furthering its goals and addressing the challenges facing the petroleum marketing industry.
This smooth transition of leadership is seen as a significant step toward strengthening the association’s influence and fostering its growth in the Western Zone.
Another major highlight of the AGM was the call by IPMAN President, Alhaji Abubakar Shetima, for the privatization of Nigeria’s public refineries. Nigeria, the sixth-largest producer of crude oil in the world, has four public refineries—two in Port Harcourt, one in Warri, and one in Kaduna. However, none of these refineries are operating at full capacity.
Speaking on the sidelines of the AGM, Alhaji Abubakar reiterated the need for privatisation, stating that selling the refineries to competent and concerned stakeholders, such as independent petroleum marketers, would enhance their efficiency and benefit the country.
“Looking at the privatization of those public refineries, it’s better to privatize them, especially to competent people like independent petroleum marketers. If the government can sell these refineries to us, it will add more value to Nigeria,” he said.
The IPMAN President expressed optimism about a continued decline in the price of Premium Motor Spirit (PMS) following reports that one of the Port Harcourt refineries and the Warri refinery have resumed operations.
“We are expecting a decrease in the price of PMS with the functioning of the Port Harcourt refinery. Once all refineries are operational, the pressure on Nigeria’s fuel supply will lessen, the dollar rate will drop, and the price of petroleum products will reduce significantly,” he predicted.
Alhaji Abubakar also lauded President Bola Ahmed Tinubu for his bold reforms in the oil sector, including the deregulation of the downstream sector, which he said has encouraged investments and improved fuel availability across the country.
“Since President Tinubu came into power, he has done the right thing by deregulating the oil sector. During this festive season, we saw no queues, and fuel was available everywhere. The price of petroleum products is coming down compared to when there was subsidy,” he noted.
Ahead of the AGM, IPMAN Western Zone inaugurated its new zonal office in Ibadan on Monday , January 20, 2025. The facility is expected to enhance the administrative efficiency of the zone and strengthen its operations.
The AGM concluded with members and stakeholders expressing confidence in the leadership of Chief Oyewole Joseph Akanni and the association’s ability to address industry challenges effectively. The smooth transition of leadership and the renewed call for refinery privatization are seen as positive steps toward achieving stability and growth in Nigeria’s petroleum marketing sector.
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