Economy

DAPPMAN seeks credit facility for efficient petroleum product distribution

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The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has urged Mr Mele Kyari, the incoming Group Managing Director of NNPC, to grant members credit facility to ensure more efficient petroleum product distribution.

Mr Olufemi Adewole, the Executive Secretary of DAPPMAN, made the appeal in an interview with the News Agency of Nigeria on Monday in Lagos.

According to Adewole, the association should not be left out since NNPC was giving such assistance to other organisations in the sector.

“`We hope the new GMD will work towards creating a more conducive environment by considering DAPPMAN members for credit facilities and substituting upfront payment on Proforma Invoices (Pfis) with bank guarantees.

“He should eliminate some of the finances borne by our members in the cause of procurement to enable us compete favourably with other marketers who currently benefit from such gesture,’’ he said.

Besides, Adewole said that Kyari should work for the full deregulation of the downstream to create more opportunities in the sector.

According to him, “we’ve been clamouring for full deregulation of the downstream sub-sector to ensure NNPC is not the sole importer of petroleum products”.

The marketers also appealed to him to help in securing total payment of all outstanding subsidy arrears to enable them pay their creditors.

NAN reports that Kyari, who was appointed on June 20, becomes the 19th Group Managing Director of NNPC.

He takes over from Dr Maikanti Baru, who retires on July 7 at the age of 60.

Kyari, who hails from Borno, bagged a Bachelor of Science in Geology and Earth Science from the University of Maiduguri in 1987.

He was a former Nigeria’s Representative at the Organisation of Petroleum Exporting Countries (OPEC) and led the OPEC’s Economic Commission Board which was in charge of reviewing the global oil markets.

Prior to his appointment at the OPEC, Kyari was the Group General Manager, Crude Oil Division in NNPC.

Adewole commended Baru for contributing to the growth and development of Nigerian oil and gas sector.

“Baru and Dr Ibe Kachikwu, a former Minister of State, Petroleum Resources, should be commended for calming the restiveness in Niger Delta,” he said.

https://nnn.ng/dappman-seeks-credit-facility-for-efficient-petroleum-product-distribution/

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