Following the poor management of the nation’s refineries, the newly inaugurated National President of Independent Marketers Association of Nigeria (IPMAN), Mr. Kolawole Adewoyin, has advised the Federal Government to privatise government- owned refineries in order to maximise profit.
Adewoyin stated this shortly after a judgement of the High Court sitting in Ibadan, on November 18, pronounced him as the authentic national president of IPMAN. According to him, the government-owned refineries in Kaduna, Port Harcourt and Warri all incurred a cumulative loss of N32.8 billion in 2017 and N126.2 billion and that with that figure, it is imperative for the government to consider privatising our refineries.
He said: “Apart from the debt coming from our refineries, the government-owned refineries are consistently unable to meet local demand, putting Nigeria in a precarious situation of importing nearly 1% of locally consumed petrol and significant portions of other refined products used locally. While speaking on the judgement that made him the new National President of the Independent Marketers Association of Nigeria, Comrade said it was the will of God.
He said: “We are happy for this judgement. It shows that the judiciary is the last hope of the common man. “Now that we have secured judgement, we will be able to implement our policies. I can assure all our members that better days are coming for all members nationwide.” Speaking further, Comrade Adewoyin pleaded with members of the public not to see IPMAN members as those responsible for fuel hike, saying that they are also affected by the development.