AP Shares - IPMAN Wants Obasanjo to Intervene--Funmi Peter-Omale (Allafriacanews)

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on President Olusegun Obasanjo to intervene in the alleged illegal sale of the Nigerian National Petroleum Corporation (NNPC) shares in the African Petroleum to Zenon Oil saying it was a breach of the law.

Quoting the official Gazette No. 20 volume 93 of the Federal Republic, the independent marketers described the sale as lacking in transparency and due process.

In a letter addressed to Obasanjo, signed by Alhaji Danladi Pasali and Dibu Aderibigbe, dated March 9 and made available to THISDAY, IPMAN asserted that the sale was "conducted contrary to the directive Mr. President had given that the Bureau for Public Enterprise (BPE) should take over and conduct the sale through a competitive public bidding.

"The conduct of the sales of the share was lacking in transparency and due process which you advocated and came to be known as the hallmark of your administration. No advertisements were placed before the sales were effected and as it were, even the BPE denied any knowledge of the transaction. It is on record that Global Fleet Group purportedly paid the sum of N17.5 billion for an ascertained number of shares which sales was eventually withdrawn or cancelled. Surprisingly, Zenon Oil paid N17 billion for the same number of shares with a whooping N500 million difference".

While noting that IPMAN believed that the Federal Government is a transparent one and is willing to listen to Nigerians' clarion calls, the independent marketers cautioned that President Obasanjo should not fold his arms and watch any person, group of persons, government agency or parastatal tarnish the good image he had built for himself and his administration over the years.
"We want to believe that the transaction is still open and therefore pray that your Excellency intervene and order that same be stopped and reorganised to give more Nigerians (IPMAN) inclusive the right and opportunity to participate in the public sale of the African Petroleum Plc shares"

IPMAN affirmed that the group controls over 80 percent of the downstream sector stressing that the earlier the president orders the reversion of the alleged sale to Zenon, the better for the government, the down stream sector and even investors in general.

"IPMAN has demonstrated its ability and capability to all stakeholders in the oil sector by building one of the best loading depots in Lagos called NIPCO, whereof over N10 billion has been invested. We can confidently say that members of our organisation have invested over N250 billion in the down stream sector of the oil industry in Nigeria