Economy
N100bn Debt: Fuel Scarcity Looms as IPMAN Threatens to Halt Services
By Adedapo Adesanya
The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Monday gave a seven-day ultimatum to withdraw services across the country over the non-payment of bridging claims amounting to N100 billion.
In January, the Nigerian government promised to clear the N100 billion bridging claim debt owed to petrol marketers and asked for a 40-day window.
The Chairman of the IPMAN Depot Chairmen Forum, Mr Yahaya Alhasan, during a press conference in Abuja yesterday, said the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has failed to clear the debt 40 days after promising to do so in the presence of the National Security Adviser (NSA), Mr Nuhu Ribadu.
He revealed that northern depots, comprising the Jos depot, Gusau depot, Minna depot, Suleja depot, Kaduna depot, Kano depot, Gombe depot, Yola depot, and the Maiduguri depot, have become completely grounded due to this lingering debt.
IPMAN also frowned at the 5 per cent levy imposed on its members by NMDPRA.
“If NMDPRA doesn’t pay our money within seven days, we are going to withdraw our services across the nation.”
“We are extremely frustrated that one year after our last demand as a forum, requesting the payment of over N100 billion owed to us, the management of the NMDPRA has deliberately ignored our request, even after making clear promises to pay us.
“One of those promises was made by the NMDPRA at the stakeholders’ meeting convened on the eve of the last strike action declared by NARTO. At that stakeholders’ meeting, the Nigerian Association of Road Transport Owners (NARTO), listed this same IPMAN bridging claim as part of their demands before the strike action would be called off.
“The NMDPRA promised to offset the bridging claims in 40 days, even in the presence of the National Security Adviser, Mal. Nuhu Ribadu, and the DG DSS, Mr. Adeola Ajayi. However, 40 days have today become months with no hope of our payment.
“Hence, the nine northern depots comprising the Jos depot, Gusau depot, Minna depot, Suleja depot, Kaduna depot, Kano depot, Gombe depot, Yola depot, and Maiduguri depot, have become completely grounded due to this lingering debt.
“For the avoidance of doubt, it is imperative to state again that this debt being owed to us is money belonging to marketers, which was deducted from us at the point of payment for products to settle our bridging allowances.
“We have also continued to record the deaths of our members, the closure of their businesses, the retrenchment of staff, and the takeover of their business premises by commercial banks, all arising from this refusal of the NMDPRA to pay us our money,” he added, according to a communiqué.
The group also lamented the worrisome development of NMDPRA imposing several levies on its members.
“Chief among them is the imposition of a 5 per cent commission accruable to them from the sale of any petrol station outlet in Nigeria. Tell me, when has the NMDPRA turned itself into a real estate agency, collecting a commission on the sale of retail petrol outlets? There is no gainsaying the fact that the downstream retail industry is an ever-evolving one.
“So, as IPMAN members, we go the extra mile to renovate our outlets occasionally to meet international best practices.
“However, the NMDPRA has also made this very difficult for us, as they have subjected our members to paying bizarre levies whenever we deem it fit to renovate our petrol outlets.
“These are just a few of the many distressing levies they have forced on us. These are not only anti-developmental but also unconstitutional, and we are demanding their immediate suspension.
“As a forum of law-abiding Nigerians, we sincerely believe that we have given the NMDPRA enough time to pay us our money in bulk and clear the bridging claims.
“But in view of their constant refusal, we have therefore decided to liaise with our sister organizations, the PTD and NARTO, in order to take collective action in due course.
“As members of IPMAN, it is important to state that we also own a sizable number of petroleum tankers driven by the PTD, and we may be forced to withdraw our tankers from loading petroleum products in a bid to enforce the immediate payment of our bridging and NTA claims.
“We hereby call on the Federal Government of Nigeria, headed by President Bola Tinubu, to fully intervene in this prolonged dispute between the Depot Chairmen of the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Nigerian Midstream & Downstream Petroleum Regulatory Authority, NMDPRA.
“We will not hesitate to take immediate action if our demands are not met, beginning Monday, February 24, 2025.
“We call on our members nationwide to remain resolute and law-abiding as we wait for our demands to be met and addressed by the NMDPRA,” the group stated.
By Adedapo Adesanya
Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.
An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.
Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.
Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.
This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.
The UAE could quickly add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.
The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.
Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.
The war in Yemen broke whatever was left of diplomatic patience.
President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.
The Idemitsu Maru, a Panama-flagged tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.
Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to winning ways on Tuesday after it closed higher by 2.30 per cent amid cautious trading.
Yesterday, investor sentiment at the Nigerian stock market was weak after finishing with 37 price gainers and 40 price losers, indicating a negative market breadth index.
It was observed that the industrial goods sector rose by 4.86 per cent, the energy index appreciated by 4.66 per cent, and the consumer goods segment soared by 2.74 per cent. They offset the 1.38 per cent loss recorded by the banking counter and the 0.20 per cent decline printed by the insurance sector.
At the close of business, the All-Share Index (ASI) was up by 5,137.90 points to 228,740.19 points from 223,602.29 points, and the market capitalisation went up by N3.308 trillion to N147.278 trillion from N143.970 trillion.
The trio of FTN Cocoa, Industrial and Medical Gases, and Lafarge Africa gained 10.00 per cent each to sell for N5.50, N39.60, and N324.50, respectively, while Austin Laz grew by 9.71 per cent to N3.73, and Aradel Holdings jumped 9.52 per cent to N1,840.00.
On the flip side, UBA lost 10.00 per cent trade at N44.55, Trans-Nationwide Express slipped by 9.99 per cent to N6.40, NASCON crashed by 9.18 per cent to N187.90, Jaiz Bank depreciated by 8.93 per cent to N8.01, and Berger Paints crumbled by 8.66 per cent to N68.00.
Yesterday, market participants traded 908.0 million equities valued at N68.2 billion in 72,886 deals compared with the 678.2 million equities worth N44.1 billion transacted in 82,838 deals on Monday, showing a drop in the number of deals by 12.01 per cent, and a spike in the trading volume and value by 33.88 per cent and 54.65 per cent, respectively.
By Adedapo Adesanya
Nigeria’s oil production recorded a five-year high of 1.71 million barrels per day, marking a significant rebound for the country’s upstream sector amid renewed efforts to restore output and improve operational stability.
The latest figure, released by Nigerian National Petroleum Company (NNPC) Limited, covers the period from April 2025 to April 2026 and underscores a steady recovery in crude production after years of disruptions caused by theft, pipeline vandalism and underinvestment.
According to the chief executive of the national oil company, Mr Bayo Ojulari, the performance reflects measurable progress across the company’s upstream, gas and downstream operations, with production gains supported by improved asset management and stronger field performance.
Within its exploration and production business, NNPC recorded a peak daily output of 365,000 barrels in December 2025, the highest level ever achieved by its upstream subsidiary. The company also advanced key contractual reforms, including revised production-sharing terms for deepwater assets aimed at unlocking additional gas reserves.
Nigeria’s gas ambitions are also gaining traction. Gas supply rose to 7.5 billion standard cubic feet per day in 2025, driven by major infrastructure milestones such as the River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline and the commissioning of the Assa North-Ohaji South gas processing plant.
These investments are beginning to strengthen domestic gas utilisation. New supply agreements with major industrial consumers, including Dangote Refinery, Dangote Fertiliser and Dangote Cement, are expected to deepen gas penetration across manufacturing and power generation.
On the downstream front, NNPC has continued crude supply to Dangote Refinery under the crude-for-naira arrangement, a policy designed to reduce foreign exchange demand, support local refining and improve fuel market stability. The company also reaffirmed its 7.25 per cent equity stake in the refinery as part of its long-term energy security strategy.
Financially, the national oil company said it has resumed full monthly remittances to the Federation Account since July 2025. It has also reinstated regular performance reporting and held its first earnings call, moves widely seen as part of a broader push towards greater transparency and corporate accountability.
Despite the progress, challenges remain. Crude theft, pipeline outages and infrastructure bottlenecks continue to threaten production stability. Sustaining this recovery will depend on stronger security, reliable infrastructure and policy consistency as Nigeria seeks to maximise the benefits of rising domestic refining capacity.
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