The investment arm of the Independent Petroleum Marketers Association of Nigeria (IPMAN) known as IPMAN Investment Limited has rejected report of alleged N10.9 billion subsidy scam involvement leveled against it by IPMAN factional president, Chief Chinedu Okoronkwo.
This is contained in a communiqué issued by the Managing Director of IPMAN Investment Limited, Mr. Tunji Adeniji after the IPMAN NEC meeting held in Abuja, which was made available to The Nation.
Adeniji stated that the report, which claimed that the firm’s Chairman, Board of Trustees, Alhaji Aminu Abdulkadir embezzled N10.9 billion being fuel subsidy claims of the association, is absolutely false.
He noted that Abdulkadir was not guilty of such crime, which Okoronkwo claimed he committed through IPMAN Investment Limited. He said the allegation was the handiwork of elements that are unhappy with the current peaceful state of the association.
He challenged anyone with evidence of wrongdoing in IPMAN to come forward with such information for appropriate actions, adding there were no N10 billion subsidy claims.
Adeniji said IPMAN Investment Limited is legally instituted with credible members, noting that all permits given to IPMAN investment Limited by the Petroleum Products Pricing Regulatory Agency (PPPRA) were duly executed and the truck out certified.
He said IPMAN Investment Limited requires an apology from Okoronkwo for gross misrepresentation of facts or face legal action.
According to IPMAN Investment Limited is a company registered in Nigeria and engages in the importation of refined petroleum products under the petroleum support fund (PSF) scheme of the government.
“The Petroleum Support Fund (PSF) scheme was set up to enable adequate payment of subsidy to marketers through the PPPRA, the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN).
Subsidy payment is a cost recovery system whereby marketers were paid the differential between the total cost of imports and the regulated price of the government, which could be over-recovery or under recovery as the case may be.
Therefore Okoronkwo’s shout on subsidy scam in IPMAN Investment Limited was mischievous and a misrepresentation of facts.
“It is regrettable for an individual of his calibre to be talking of subsidy payment probed in 2011 by the Economic and Financial Crimes Commission (EFCC), the National Assembly and Aig-Imokuede Committee set up by the Federal Government where IPMAN Investment Limited was duly cleared,” he said.
