Apparently still shocked at the magnitude of loans that they granted to importers and marketers of petroleum products, commercial banks are still very sceptical of granting fresh facilities.
This is coming on the heels of difficulties which some of the banks are still facing in their efforts to ensure that defaulting petroleum marketing companies repay the loans.
Shipping Position Weekly confirmed that after the euphoria and anxiety which trailed the recent clampdown on some of these companies by operatives of Economic and Financial Crimes Commission (EFCC), some of the affected banks whose chief executives were recently removed on account huge non-performing loans are not finding it easy.
Even though minister of state for Finance, Mr. Remi Babalola recently requested commercial banks to resume to granting credit facilities to petroleum products marketers, banks rate yet to consider any fresh request.
The situation was so apparent last week when our correspondent went round the ever-busy Ibru jetty and other depots in Apapa where industry sources confirm that he banks have refused to heed the directives of the minister.
However officials of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) and Independent Petroleum marketers Association of Nigeria (IPMAN) told our correspondent that the minister’s directive is yet to yield to the minister’s request.
Bu the DAPMAN official who pleaded anonymity confided in Shipping Position Weekly that very few banks grant loans and that even the so- called major banks are reluctant.