The Independent Petroleum Marketers Association of Nigeria (IPMAN) has decried lack of knowledge of funds from its members with the defunct Department of Petroleum Resources (DPR), Petroleum Equalisation Fund Management Board (PEFMB), and Petroleum Product Pricing Regulatory Agency (PPPRA).
A statement signed by its National President, Chinedu Okoronkwo, stated that the development portends danger if its funds are not recovered as it might affect its members.
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Okoronkwo, while noting that IPMAN is often at the receiving end of change in policy in the petroleum industry, maintained that “the scrapping of the three agencies on Monday by the federal government, members’ funds running into tens of billions of dollars are trapped.”
He stressed on the need for urgent reconciliation of the huge sum of money to avert a major crisis in the sector.
However, the president disclosed that it has appointed a forensic expert to help in reconciliation and recovery of the money.
He said the services of Mauritz Walton Nig. Ltd, has been engaged to help reconcile and recover its funds trapped in the defunct agencies.
“In view of our past experience by virtue of the enormous amount of money being owed by the federal government vis-a-vis DPR, PEFMB and PPPRA, IPMAN has engaged the services of Mauritz Walton Nig. Ltd, to reconcile and recover the product differential between IPMAN and federal government,” the statement said.
On his part, the Executive Officer and Managing Director of Mauritz Walton Nig. Ltd, Dr. Maurice Ibe, said he will be bringing his expertise in forensic financial consultancy to carry out the task.
Dr. Ibe stated the consultancy firm will be reviewing all information, records, invoices and documentation from IPMAN members with a view to determine the amount owed and promised to shed more light on the development at the appropriate time.
