Oil marketers have appealed to the federal government to hasten payment of over N650 billion subsidy arrears to save their assets from being taken over by banks.
The marketers, under the aegis of Major Oil Marketers Association of Nigeria (MOMAN), made the call in separate interviews in Lagos.
Members of the association include Independent Petroleum Marketers Association of Nigeria (IPMAN); Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs).
The Executive Secretary of DAPPMA, Olufemi Adewole, urged the government to lessen the bureaucratic process involved in the payment process.
According to him, the inability of federal government to pay the debt had resulted in massive job losses in the oil and gas industry, which has affected the marketers' operation.
Mr Adewole said 60 per cent of marketers had been forced out of business, as banks had taken over their depots, assets and properties due to their inability to pay back monies borrowed.
He added that many marketers were forced out of business, while others are presently struggling to survive due to the unpaid subsidy arrears.
Mr Adewole also said the development has been threatening investment in the downstream sector.
"It has had very adverse effects on our operations. I am aware of two depots that have been forcibly taken over by banks because they got injunctions from the courts.
"They did so the moment they heard that National Assembly has approved payment to marketers. Unfortunately, as at today, the money is yet to get into our accounts.
"Another challenge we have is that many of the marketers had to lay off more than 90 per cent of their staff because of financial challenges.
"Although, few of them are still operating, but not in good number with just about three to four staffs," he said.