IPMAN Backs Dangote Refinery, Rejects Fuel Imports Amid Regulatory Legal Battle
IPMAN Backs Dangote Refinery, Rejects Fuel Imports Amid Regulatory Legal Battle
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has formally rejected the continued importation of petrol, throwing its full weight behind the Dangote Petroleum Refinery.
IPMAN’s National President, Abubakar Garima, emphasized that with the refinery now operating at a capacity capable of meeting the entire nation’s demand, there is no longer a logical or economic justification for utilizing scarce foreign exchange on imported fuel.
Marketers reported that the commencement of supply from the local facility has already led to a notable improvement in product availability across the country, paving the way for a more stable domestic energy market.
In a reinforcing statement, the Dangote Petroleum Refinery dismissed circulating rumors of supply disruptions or a breakdown in negotiations with oil marketers.
The refinery clarified that it has actually improved accessibility for local businesses by significantly reducing the minimum purchase threshold from two million liters down to 250,000 liters.
Furthermore, the company highlighted that it offers credit facilities to qualified marketers and maintains ex-gantry prices that are consistently more competitive than those of imported alternatives, debunking claims that high costs were driving marketers away.
A major legal development accompanied these industry shifts, as Aliko Dangote filed a formal petition with the Economic and Financial Crimes Commission (EFCC) against Farouk Ahmed, the former Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The petition calls for a thorough investigation into allegations of corruption and abuse of office during Ahmed’s tenure. This legal move is seen as an effort to ensure transparency within the regulatory space and to hold former officials accountable for actions that may have hindered the growth of domestic refining.
The overarching sentiment from both the refinery and the marketers is that Nigeria is entering a new era of energy self-sufficiency that prioritizes job creation and the conservation of foreign reserves.
By moving away from a decade-long reliance on foreign fuel, the sector aims to stabilize retail prices and eliminate the logistical bottlenecks associated with international shipping.
This transition represents a significant pivot in the Nigerian economy, focusing on strengthening the value chain of the country’s most vital natural resource through local industrialization and direct distribution.
