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Petroleum marketers seek FG’s assistance on forex

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President Muhammadu Buhari (4th left); Minister of State for Petroleum Resources, Dr. Ibe Kachikwu (5th left); Chief of Staff to the President, Alhaji Abba Kyari (right); General Manager, Business and Government Relations, Mr. Simbi Wabote (left); Managing Director, Shell companies in Nigeria, Mr. Okunbor Osagie; and Director, Upstream, Mr. Andy Brown after Buhari’s meeting with the leadership of Shell at the Presidential Villa, Abuja…yesterday. PHOTO: PHILIP OJISUA

President Muhammadu Buhari (4th left); Minister of State for Petroleum Resources, Dr. Ibe Kachikwu (5th left); Chief of Staff to the President, Alhaji Abba Kyari (right); General Manager, Business and Government Relations, Mr. Simbi Wabote (left); Managing Director, Shell companies in Nigeria, Mr. Okunbor Osagie; and Director, Upstream, Mr. Andy Brown after Buhari’s meeting with the leadership of Shell at the Presidential Villa, Abuja…yesterday. PHOTO: PHILIP OJISUA

The Depot and Petroleum Marketers of Nigeria, (DAPPMA) has appealed to the Federal Government to assist its members to source for foreign exchange that would enable them settle their foreign bankers and remain in business.

Chairman of DAPPMA, Mr. Dapo Abiodun, made the plea on behalf of members of the association during an emergency meeting with the Minister of Finance, Kemi Adeosun, in Abuja, yesterday.

Addressing the Minister, Abiodun said: “It is our duty now to discuss and dialogue with you on the possible ways we can source foreign exchange to enable us liquidate debts owed our foreign banks to remain in business. Our bankers are very worried that we have to source for foreign exchange by ourselves to be able to import petroleum products into the country. We are at a very difficult situation.”

He further said that it was the acute shortage of foreign exchange that led to the protracted scarcity of fuel that almost brought the nation to a standstill.

While expressing gratitude to government for the recent payment of about N42 billion subsidy debt, Abiodun, who led over 46 independent marketers to the meeting, said that up till now, his members were yet to source foreign exchange to settle their foreign banks.

In her response, Adeosun promised that government would continue to work, through the Central Bank, on possible ways to raise foreign exchange to assist them in their businesses.



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