Corruption at NNPC ruined our investments —IPMAN

The corruption and impunity at all levels of the Nigerian National Petroleum Corporation have devastated our investments in the oil and gas sector, the Independent Petroleum Marketers Association of Nigeria has said.

IPMAN said that most players in the industry were not happy with the development.

The National Secretary of the association, Danladi Pasali, said they had been yearning for positive changes in the oil sector such as the ongoing reforms being implemented by the NNPC’s new management.

Pasali, in a statement on Thursday, said, “No genuine investor was happy with the past situation of the oil sector. Some of our investments were ruined due to corruption at all levels, favouritism and impunity. With the appointment of Ibe Kachikwu as the new group managing director (of the corporation) by President Muhammadu Buhari, we are convinced that this administration is ready for business.

“Our members will ensure more investments in the downstream sector. We have already started seeing positive signs just two weeks after his appointment. That is enough encouragement for us as investors to put our money back in the downstream sector.”

He stated that IPMAN was in support of the ongoing reforms in the NNPC by the new management.

The IPMAN secretary said the downstream oil sector was almost dead before the rescue mission of the present administration.

Pasali said the association would continue to partner the NNPC management for the successful downstream oil sector.

He said, “We have the capacity and investments to flood this country with fuel if given the chance. It is important to note that more than 85 per cent of the petrol outlets belong to our members. Therefore, we are closer to the people, as far as oil distribution is concerned, than any group or people.”

Pasali said the association was grateful to the President for the appointment and promised to work with the new management to ensure a trouble-free downstream sector.

He, however, urged the new GMD to ignore all sponsored attacks on him and his style of leadership by any group, saying that the interest of the nation supersedes any individual or group interest.