IPMAN Laments Petroleum Industry Fraud

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the level of fraud in the petroleum sector has become institutionalized to the extent that a lot of revenue from oil goes without being accounted for.
Director-General of IPMAN, Adi Elekwa who disclosed this to airport correspondents at the Port Harcourt International Airport Omagwa on his way to Abuja said that key agencies of government that were responsible for petroleum marketing have tended to pay deaf ears to the funds that are not accounted for.
According to him, nobody asks question on the extra amount that is being paid on pump price which government promised that it would utilize for the provision of infrastructures and for the well-being of the people.
He said that it was very unfortunate that such extra funds from the pump price does not go to the right place it is meant for, and that people keep quiet over it probably because they are directly or indirectly benefitting from it.
“I have personally made demands on some key issues and reforms any time I present papers on seminar and conferences in the petroleum sector on why some things must change.
“Each time they ask me questions again on my opinion on some issues in the petroleum sector, my reply had always been “Have you implemented the recommendations I made earlier,” he said.
The IPMAN DG also frowned at the increasing and unstable exchange rate which he said has weakened the ability of fuel importers to import the products.
Elekwa, however, opined that Nigeria as a nation, needs to sincerely focus on diversification of the economy, so that petroleum should no longer be the only revenue earner.
He said that the mono economic nature of the country had given room to a lot of fraud in the system.