The Independent Petroleum Marketers Association of Nigeria (IPMAN) has lauded Polaris Bank, and Emadeb Energy Services Limited, for their collaborative efforts and strategic partnership that resulted in the recent importation of 20,000 metric tonnes of premium motor spirit (PMS) into the country.
In a statement, the National Operations Controller of lPMAN, Mr Mike Osatuyi, described the pioneering feat by Polaris Bank and Emadeb Energy as unprecedented. He noted that they both made it possible for Nigeria to break the age-long monopoly in the downstream sector.
He specifically commended Polaris Bank for fully funding the whole cargo to the tune of N13bn, enabling the transportation of the 20,000 metric tonnes, or 27 million litres of petrol, to the country seamlessly.
He noted that the bank’s support exemplified the pivotal role played by the financial institutions to support the growth of the critical downstream sector of the economy.
Osatuyi said, “The NNPC’s many years of monopoly in terms of importation have been broken by Emadeb Energy Services Ltd. This is commendable, particularly for the company. Being the pioneer in tough terrain is not easy. But of specific interest is (Polaris Bank) the Bank that financed this feat.
“We were there to witness the event. We saw the cargo ship as it arrived. It is a huge investment. The Bank has demonstrated a strong belief in the market after deregulation. I call on others to emulate this.”
