Business
IPMAN Kicks Against Bulk Purchase Pact Renewal
Independent Petroleum Marketers Association of Nigeria (IPMAN) has condemned the introduction of bulk purchase agreement renewal as one of the conditions for loading products at the Pipelines Products Marketing Company (PPMC) depots.
The Chairman.
IPMAN Chairman, Western Zone, Alhaji Debo Ahmed made the observation in an interview with newsmen in Lagos last Saturday.
Ahmed said that some PPMC officials had instructed marketers loading products at depots to renew their bulk purchase agreement before loading.
According to him, such directive is adversely affecting marketers loading from the depots.
NNPC has been recording huge financial loss by pumping petroleum products through the System 2B Pipelines Network due to the activities of the vandals.
System 2B pipelines network is the pumping of petroleum products from Atlas Cove in Lagos Island to Ejigbo, through Mosinmi in Ogun to Ibadan to Ore in Ondo State and Ilorin in Kwara.
The corporation had in 2016 stopped pumping of products through the network, thereby making use of the private depots in Apapa to distribute its products.
“We appeal to government to reconsider the bulk purchase agreement renewal on marketers.
“The newly introduced bulk purchase agreement renewal by the government officials is a fraud.
“We are told that all marketers should come and renew its bulk purchase agreement for four years again after we have paid and signed during registration with the depots initially.
“This is against the bulk purchase agreement earlier signed with marketers; this has affected us adversely from the point of loading.
“We want to tell the government that what the officials are doing on the bulk purchase agreement is wrong.
“It’s another form of ripping the marketers. We are not sure the money is going to the Federal Government’s account,” he said.
Ahmed urged PPMC management to commence loading of products at the depots, saying it took over a week for the products to be stored at the depots.
“As we speak, we have about 60 million litres of petrol at Mosinmi Depot, while Ejigbo Satellite Depot has over 35 million litres.
“But other depots like Ore in Ondo, Ibadan, and Ilorin have not received products.
“We have not commenced loading at Mosinmi and Ejigbo satellite depots; we are told that the loading would commence soonest but it has not started.
A marketer said on a condition of anonymity that one of the reasons why loading was delayed at PPMC depots was the connivance between the corporation officials and the private depots.
According to the marketer, such connivance will ensure that the private marketers sell their products on time.
The marketer said that most private depots were selling above the official ex-depot price; adding that such practice would affect their gains when PPMC depots were selling to marketers.
“They want the private depots in Apapa to finish selling their products before the PPMC depots begin, knowing that once they start selling, no marketer will patronise the private depots,” the source said.
A check by our source at the depots indicated that business activities around Mosinmi and Ejigbo depots have started to pick up after 11-months of non-availability of products for loading by marketers.
The immediate past Chairman, IPMAN, Mosinmi Depot, Alhaji Dele Tajudeen, said that the place had been the central point for all marketers in the western zone.
He said that for over 11 months, the marketers could not load products from the depot.
According to him, Mosinmi depot has turned to a graveyard.
“No business activities are going on there; marketers have suffered greatly due to non-availability of products.
“The shutdown of pumping of products to Mosinmi has affected our business including that of the petty traders within the premises.
Tajudeen, however, commended the management of NNPC for finding a lasting solution to the damaged pipeline.
Mrs Alice Bakare, a food seller, Ejigbo depot, commended government for resuming operation at the depot, adding that many petty traders had suffered due to the closure of the facility.
Mr Adamu Idris, a truck driver, expressed optimism of loading at the Mosinmi depot, saying he had been on the queue since Tuesday but loading had yet to begin.
However, an unnamed official of PPMC, Ejigbo, told NAN that they were still expecting a directive from Abuja to start loading.
The official declined comments on the bulk purchase agreement renewal.
“I cannot comment on that now, but that was the instruction,” he said.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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