Worried by the pending returns on investment in the Nigerian Independent Petroleum Company (NIPCO), oil marketers have called for an investigation into the business transaction and proceeds of NIPCO.

While lamenting over NIPCO’s suspension of the supply of petroleum products, marketers raised concerns about why the company has held back its withholding shares in the last 20 years.

President of the Arewa Oil and Gas Marketers Association of Nigeria (AROGMA), Bashir Ahmad Danmalam, specifically requested that the National Assembly probe the circumstances around NIPCO’s action in the last two decades.

Danmalam in a statement is seeking the intervention of Nigerian National Petroleum Company Limited (NNPC) on the issue of shares invested by oil marketers in NIPCO and why shareholder has never benefited a single Kobo from the proceeds over the years.

According to Danmalam, Nigerian oil marketers are in the dark about the status of their shares at NIPCO thereby urging NNPC to halt the issuance of Products to NIPCO henceforth pending when the matter of the withheld shares is resolved.

The AROGMA lamented that despite substantial volume of investments in NIPCO over the years, the shares seem no different from pieces of paper used to wrap roasted meat since shareholders have no cause to smile home with returns of investments.

“It is unfortunate situation where only foreigners appeared to be enjoying the shares invested by Nigerian oil marketers in collaboration with few Nigerians, some of whom have passed away without reaping any benefits for over two decades,” Danmalam said.

“I want to stress that the national assembly has the critical role to protecting the interests of Nigerians. We called for to thorough check on individuals who may have collaborated to cheat the masses and hundreds of oil markets at NIPCO. We also want to insist NNPC should cease issuing Products to NIPCO until the withheld shares are returned to the investors.

“AROGMA is committed to taking necessary steps to ensure justice is served, claiming that NIPCO collaborated with individuals, including disgruntled elements and foreigners, without delivering on the promised benefits to those who invested their shares.”

The oil marketers also called on the Federal Government to cease any relations with NIPCO or its agents to safeguard the sanctity of people’s rights. (The Guardian)

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