Even though the Asset Management Corporation of Nigeria (AMCON) is said to have taken over some of the troubled facilities, there are rumors that top shot petroleum marketing firms around the Ibru-Ibafon complex are now up for grabs for the highest bidder.
Shipping Position Daily investigations around the downstream sector revealed that already, Zenon 2, one of the depot facilities belonging to oil magnate; Mr. Femi Otedola which is inside the Ibru Complex along Apapa Oshodi expressway in Lagos has already been sold to another company; Imad Oil and Gas.
Even though the Asset Management Corporation of Nigeria (AMCON) is said to have taken over some of the troubled facilities, there are rumors that top shot petroleum marketing firms around the Ibru-Ibafon complex are now up for grabs for the highest bidder.
Shipping Position Daily investigations around the downstream sector revealed that already, Zenon 2, one of the depot facilities belonging to oil magnate; Mr. Femi Otedola which is inside the Ibru Complex along Apapa Oshodi expressway in Lagos has already been sold to another company; Imad Oil and Gas.
It would be recalled that Central Bank of Nigeria (CBN) had in 2012 published a circular which had revealed some of the oil companies among the country’s worst deadbeat debtors, and it had immediately barred local banks from extending even one more kobo of credit to them until they clear all debts.
Apart from these, owners of these petroleum facilities were also alleged to be involved in the petroleum subsidy scam a situation that made government set up a body known as the Asset Management Corporation of Nigeria (AMCON) to absorb the debts.
But our correspondent gathered that four of the petroleum tank farms that had earlier been taken over by AMCON are now in the market for sale. AMCON had stated last year that in the downstream petroleum industry, it is currently involved in the running of eight, out of the 10 biggest depots.
Different sources who spoke with our correspondent confirmed that it is no longer business as usual at the facilities and that activities are no longer booming as it used to be.
“For a while now, the four depots have not been working as they used to, I believe they have been well advised to sell in order to service their debts and this is why AMCON is now the one managing the tanks, receiving products and paying workers salaries”
Another source confirmed to our correspondent that: “The activities you see around here and the mad rush to lift fuel at these depot is because, there are portfolio marketers that go ahead to get allocation and they now make use of the tank farms to sell while the owner collects his percentage, but now, it is strictly NNPC products that come to these depots”.
It would be recalled that AMCON had few months ago taken over Capital Oil and Gas Limited, one of the biggest tank farms in Apapa, and it is now managing it for a period of two years.
Mustafa Chike-Obi, the Managing Director/CEO of AMCON had cleared last year that; “AMCON has not taken over Capital Oil, but is managing it for a two-year period.”
According to Chike-Obi, when Ifeanyi Ubah decided to run for the governorship position of Anambra State, “we gave him two choices; complete breakaway from the company for two years while he runs or he agrees not to leave for two years. He chose to run. So, we will appoint MD, CFO and another ED to run the company”.
However, in the case of Zenon Oil, the new owner of the company, Imad Oil has already renovated the facility and is now using it to discharge Premium Motor Spirit (PMS) Automated Gas Oil (AGO) and Dual Purpose Kerosene (DPK).
“Before now, the tank was used to selling only PMS, but now the new owner has reconfigured the depot and now it is used for loading of AGO, PMS and Kerosene”, our source disclosed.
“He started like any other marketer, he is into buying, selling and general haulage, and he has a haulage company with over 35 trucks” a petroleum marketer told our correspondent last week.
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