IPMAN Criticises NNPCL Over $3B Loan To Stabilise Naira

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has criticised the Nigerian National Petroleum Company Limited (NNPCL) for securing a loan of $3 billion for the purpose stabilising the Naira.

IPMAN Chairman in Rivers State, Dr. Joseph Obele, in a statement made available to LEADERSHIP Weekend in Port Harcourt yesterday, described the action of NNPCL as “the highest degree of abuse of power and arbitrary allocation of funds.”

Obele stated that with the development, it has become clear that the principles of division of labour as stipulated by law has been dismantled.

The IPMAN Chairman, who said NNPCL was supposed to focus on energy security, while Central Bank of Nigeria (CBN) focuses on financial security, accused the company of failing to secure the energy sector by it’s inability to refine crude oil in Nigeria.

He said: “NNPC securing a loan of $3 billion for the purpose stabilising the Naira is the highest degree of abuse of power and

arbitrary allocation of funds. It is now clear that the principles of division of labour as stipulated by law has been dismantled.

“It is an act of omission or unlawful act done in an official capacity by NNPC.The NNPC loan Press statement has triggered scholars of the oil and sector to a research to ascertain how Financial stability concerns the duties of NNPC.

“The least educated person can tell you that the duties of NNPC amongst many includes focusing on energy transition while ensuring domestic energy security by ensuring regular supply of products.

“On the other side, the Responsibilities of CBN is to be proactive in providing a stable framework for the economic development of Nigeria through the effective, efficient and transparent implementation of monetary policies and protecting the Naira against international currencies.