New Telegraph

LCCI chides NNPC, oil firms over harmful fuel import

The Lagos Chamber of Commerce and Industry (LCCI) has said that the news of importation of contaminated fuel into the country came as a rude shock to the organised private sector (OPS) and Nigerians in all ramifications. The Chamber has therefore urged the Federal Government to, as a matter of urgency, overhaul the country’s import processes and systems to forestall any future occurrence. LCCI explained that the trust and faith the OPS and Nigerians had in the country’s fuel importation system has been compromised by disgruntled oil marketers operating in the country’s downstream sector.

President, Lagos Chamber of Commerce & Industry, Dr. Michael Olawale-Cole, in a statement made available to New Telegraph in Lagos, said that recent happenings about the importation of unclean fuel into the country, which had been circulated with its attendant disruption to the country’s economy was disappointing and risky in all ramifications to private sector businesses.

Olawale-Cole chided those involved in the unclean fuel importation, emphasising that there have been wide reports of cases of damages to vehicles across the country before the adulterated fuel was withdrawn, insisting that affected Nigerians must be compensated adequately for the damages already done before it was discovered. According to him, the OPS is clamouring that there is the need to conduct an extensive investigation to unravel the circumstances that led to the compromised importation, adding that the results of the investigations should point to actionable penalties for all parties involved to serve as deterrent against future occurrences.

The LCCI president said: “There have been reported cases of damages to vehicles across the country before the adulterated fuel was withdrawn. One cannot imagine the danger this portends if it had happened or should happen with aviation fuels for our airlines. “Beyond the rhetoric of accusations and denials by the parties involved, there is a need to conduct an extensive and conclusive investigation to unravel the circumstances that led to the compromised importation. He added: “We also urge government to conduct an audit of the current processes towards having a standardised system that meets international best practice.

These are necessary to forestall future occurrences and boost the integrity of our importation processes.” However, the LCCI president insisted that the only solution to fuel importation saga is to remove the burden of fuel subsidy, predicting that Nigeria’s economy will save N6 trillion a year from fuel subsidies if all domestic refineries are in optimal operation to refine crude oil for local consumption and even export. Olawale-Cole said “the most sustainable solution to curtail these hazards and perpetually remove the burden of fuel subsidy is to have our domestic refineries in operation to refine our crude oil for local consumption and for export to boost our foreign exchange earnings. And as always emphasised by the Chamber, government is expected to create an enabling environment where private refineries can thrive.

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