The investment arm of the Independent Petroleum Marketers Association of Nigeria (IPMAN) known as IPMAN Investment Limited, has condemned in strong terms, report of alleged N10.9 billion subsidy scam involvement leveled against it by IPMAN factional president, Chief Chinedu Okoronkwo.
It made this position known in a communiqué at the end of IPMAN NEC meeting held in Abuja, yesterday.
The communiqué, issued by the Managing Director of IPMAN Investment Limited, Mr. Tunji 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.
It noted noted that Abdulkadir was not guilty of such crime, which Okoronkwo claimed the chairman committed through IPMAN Investment Limited.
Mr. Adeniji attributed the allegation to the handiwork of elements, who he said are unhappy with the current peaceful state of the association and challenged anyone with evidence of wrongdoing in IPMAN, to come forward with such information for appropriate actions.
He insisted that there were no N10 billion subsidy claims.
According to Adeniji, IPMAN Investment Limited is legally instituted with credible members, noting that all permits given to it by the Petroleum Products Pricing Regulatory Agency (PPPRA) were duly executed and the truck out certified.
He, therefore, demanded an apology from Okoronkwo on behalf of IPMAN Investment Limited, for gross misrepresentation of facts or face legal action.
Adeniji added 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.