Jetty Owners demand $900 Billion bail-out Fund.

Petroleum marketers under the aegis of Jetty and Tank Farm Owners Association of Nigeria (JEPTFON), has appealed to the Federal government to release at least $900billion as bail- out fund to its members so as to help take care of the various challenges that they are currently facing with banks in the country.
The spokesman for JEPTFON, Mr. Peter Akptason lamented last week in Lagos that the action of some banks in the country has stifle his members operation, adding that if not well handled the development may launch the country into another round of fuel crisis.
 Akpatason who was speaking in a press conference said that due to world economic recession in the last two years which crashed oil price from $147 to $37, his members were forced to  borrow money from banks in order to fund logistics infrastructures well as expansion and maintenance of  depot and jetties. According to him  "Ever since then, we have been managing our debt profile with our banks and have made them to know that we are not in full control of our business, owing to government consistent control of the sector which has derail the implementation of the deregulation," he said.
He explained that this action by the government has made non-realization of members cash flows projection as approvals of imports demands has hardly been met.
"Owing to these, we are now at the mercy of our bankers; some who have been bailed out by CBN are now plotting to kill our business without considering the impact this will have to the nation and economy in general.
He said: "We are also concerned at the threats of our bankers to sell our assets without giving due consideration to the present dilemma and the after effect including massive retrenchment of our workforce which is inevitable."
Akpatason said JEPTFON has in the past weeks been watching the unfolding issues between one of its members, and Bank PHB Plc, and advised that understanding and dialogue will be the best solution to the problem.
He appealed to bankers to understand his member’s predicament and the Federal Government to set up a strong committee to look into the issue.