IPMAN comes clean on N10. 9billion alleged subsidy scam

President IPMAN Mr.Chinedu-Okoronkwo

Independent Petroleum Marketers Association of Nigeria (IPMAN) Investment Limited has debunked an alleged N10.9 billion subsidy scam in the organisation credited to a factional president of IPMAN, Elder Chinedu Okoronkwo.

The Managing Director of IPMAN Investment Limited, Tunji Adeniji, made this disclosure in a communiqué issued by Adeniji after the IPMAN National Executive Committee (NEC) meeting in Abuja at the weekend.

Adeniji described as false the allegation that its Board of Trustees Chairman, Aminu Abdulkadir embezzled the proceeds of petroleum subsidy claim of the association amounting to over N10.9 billion.


He said that the allegation, which was recently levelled against Abdulkadir by one of its factional leaders, Okoronkwo was untrue insisting that Abdulkadir was not guilty of such crime, which Okoronkwo claimed he committed through IPMAN Investment Limited.



He said that the allegation was the handiwork of elements that claimed are unhappy with the current peaceful state of the association.He, however challenged anyone with evidence of wrong doing in IPMAN to come forward with such information for appropriate actions, insisting there was nothing like a N10 billion subsidy claims
Adeniji stated that IPMAN Investment Limited is illegally instituted with credible members managing the company, which Okoronkwo has testified to the credibility of the business group.

He said that all permits given to IPMAN investment Limited by the Petroleum Products Pricing and Regulatory Agency (PPPRA) were duly executed and the truck out certified.

According to him, Okoronkwo ought to know the bounds of free speech and where defamation starts.“It is hoped that he will click his tail in-between his legs and will correct his utterances for, as the Holy Book puts it, people perish for lack of knowledge and unfortunately, Okoronkwo has shown that he is one such ignorant person.

“IPMAN Investment Limited therefore requires an express apology from Okoronkwo for his acts of gross misrepresentation of facts or face appropriate legal actions,’’ he said.

Adeniji said that IPMAN Investment Limited was a company registered in Nigeria and engages in the importation of refined petroleum products under the petroleum support fund (PSF) scheme of the Federal Government of Nigeria.

“The Petroleum Support Fund (PSF) scheme was set up to enable adequate payment of subsidy to marketers through the Petroleum Produce Pricing and Registry Agency (PPPRA), the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN) by the Federal Government of Nigeria.

“Subsidy payment is a cost recovery system whereby marketers were paid the differential between the total cost of in port and the regulated price of the government which could be over-recovery or under recovery as the case may be.

“Elder Chinedu Okoronkwo’s shout on subsidy scam in IPMAN Investment Limited was mischievous and a misrepresentation of facts, for he lacks knowledge of what subsidy payment is all about,’’ the statement added.


Adeniji said that “It is regrettable for an individual of his caliber to be talking of subsidy payment executed verified, probed in 2011 by the Economic and Financial Commission (EFCC), the National Assembly and Aig-Imokuede Committee set up by the Federal Government of Nigeria where IPMAN Investment Limited was duly cleared.



“It is a shame that Elder Chinedu Okoronkwo started howling about missing N10.9 Billion subsidy claim without getting his facts correctly and cross-checking same.It is very important to put the record straight that other agencies of the Federal Government involved in the subsidy scheme including the Department of Petroleum Resources (DPR), Petroleum equalization fund (PEF) the Debt Management Office).

“And the Central Bank of Nigeria (CBN) did not find IPMAN Investment Limited involved or participated in any criminal or fraudulent act with respect to subsidy claims.
It will recalls that the Okoronkwo-led faction of IPMAN had reportedly alleged that a financial fraud was committed by the other faction and that N10.9 billion was paid into IMPAN Investment Company by the federal government as subsidy claim.