shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Debts: Intercontinental Goes After Capital Oil , others

Debts: Intercontinental Goes After Capital Oil , others

by Joshua
August 16, 2009
in Uncategorized

Worried by the unexpected dwindling fortunes of operators in the nation’s downstream oil market, some banks have started closing-in on some owners of multibillion naira tank farm businesses.
First to make good the threat last week was Intercontinental Bank Plc which reportedly petitioned the President over the failure of some of the companies to meet the condition for loans repayment.
Shipping Position Weekly confirmed from top industry sources last week that Intercontinental Bank Plc has already dragged three down stream operators to Aso Rock villa. They are: Capital Oil and Gas, Rahamanniya Oil and Gas and Tanzilla Petroleum Company.
In the petition, a copy of which was sighted by our correspondent, the bank lamented that “facilities running into several billions of naira are made available to institutions and individuals of perceived high networth, to trade or carry out businesses having direct impact on the fiscal and economic policies of the country, yet these facilities are neither serviced nor repaid in line with the terms of the contract. Not that the businesses do not yield the envisaged profits or dividends, rather the same have been diverted for other selfish and less that altruistic purposes.”
There are about 22 down stream operators which own tank farms in Lagos alone. The rise in the number of these companies became noticeable around 2005 when then – President Olusegun Obasanjo allowed local players to compete with the Nigerian National Petroleum Corporation (NNPC) in the importation and marketing of petroleum products.
As a result of the policy, oil marketers gradually took control of the business, accounting for about 70 per cent of total importation, leaving the remaining 30 per cent for the NNPC and its subsidiary; the Petroleum Products and Marketing Company (PPMC).  
Sources hinted that the three companies may be owing more than N36 billion with Tanzilla Petroleum Company reportedly accounting for a whopping N18Billion.
Shipping Position Weekly confirmed that the banks may also close- in on some of the tank farms for which loans were taken to commence new construction. Our correspondent confirmed that at the moment about four tank farms are at different stages of  construction in Lagos alone while some are also springing up in Calabar, cross Rivers state. 


Related Posts

Auto Draft

Railways Transport 693,224 Passengers On Lagos/Ibadan Standard Gauge

February 2, 2023
SHIPTALK: Basics About A Ship

SHIPTALK: Basics About A Ship

January 27, 2023
NAGAFF Congratulates Newly Promoted Comptrollers, Charges Them On Professionalism

NAGAFF Congratulates Newly Promoted Comptrollers, Charges Them On Professionalism

January 27, 2023
ONE To Acquire Three U.S. West Coast Container Terminals

ONE To Acquire Three U.S. West Coast Container Terminals

December 29, 2022

Discussion about this post

Latest News

Customs Seize $6m Fake US Dollars, Arrest 4 Along Seme Border

Customs Seize $6m Fake US Dollars, Arrest 4 Along Seme Border

February 3, 2023

Customs Officials Targets Of Terrorists And Armed Groups—WCO Sec Gen

Nigerdock Goes Solar, Shifts to Renewable Energy

Sambo Declares Funtua Inland Dry Port As Port Of Origin, Final Destination 

FG Plans Vehicles’ Transit Park, Dry Inland Port For Zamfara — Matawalle

USCG Cutter Makes First Drug Seizure of 2023 in Gulf of Oman

VESSELS EXPECTED AT LAGOS PORTS AS AT 3RD FEBRUARY, 2023

VESSELS EXPECTED AT LAGOS PORTS AS AT 2ND FEBRUARY, 2023

Railways Transport 693,224 Passengers On Lagos/Ibadan Standard Gauge

LASG Again Warns Truck Operators Against Recklessness

NPA Expects 29 Ships With Petroleum Products, Others At Lagos Ports

Uromta  Takes Over As Acting Registrar Freight Forwarding Council

kindly like our Facebook page

Health

Unhealthy Environment Causes 12.6m Deaths Worldwide, WHO Says
Health

Unhealthy Environment Causes 12.6m Deaths Worldwide, WHO Says

December 19, 2022

The World Health Organisation has said that the number of people estimated to have died as a result of living...

Health Benefits And Side Effects Of Bitter Leaf

Health Benefits And Side Effects Of Bitter Leaf

December 12, 2022
More Women May Die During Childbirth In West Africa — Report

More Women May Die During Childbirth In West Africa — Report

December 12, 2022
The Many Wonderful Uses Of Onions

The Many Wonderful Uses Of Onions

December 5, 2022
Nigeria Yet To Achieve 70% COVID-19 Immunisation Coverage, Says NPHCDA

Nigeria Yet To Achieve 70% COVID-19 Immunisation Coverage, Says NPHCDA

December 5, 2022
COVID-19 Cases Increasing, Continue With Preventive Measures — UITH-ARD Warns

COVID-19 Cases Increasing, Continue With Preventive Measures — UITH-ARD Warns

December 5, 2022
Panic As Monkeypox Spreads To 32 States, Cases Now 604

Panic As Monkeypox Spreads To 32 States, Cases Now 604

November 28, 2022
Over 1bn Youths Risk Hearing Loss From Headphones, Loud Music — Study

Over 1bn Youths Risk Hearing Loss From Headphones, Loud Music — Study

November 28, 2022
Consuming Undercooked Meat May Lead To Tuberculosis — Epidemiologist

Consuming Undercooked Meat May Lead To Tuberculosis — Epidemiologist

November 28, 2022
Infertility Red Flags Men, Women Should Not Ignore – Experts

Infertility Red Flags Men, Women Should Not Ignore – Experts

November 28, 2022

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition