The Depot and Petroleum Products Marketers Association (DAPPMA) has denied that it reached any agreement with the federal government saying that offers by government failed to meet the legitimate demands of the Association.
The association said, “we did not sign the purported document hence our ultimatum stands as we cannot continue to borrow from Banks to pay staff salaries.”
A statement late Friday night signed by DAPPMAN’s Executive Secretary, Olufemi A. Adewole, said “DAPPMAN’s demands made to the federal government through the minister of fiance and debt management (DMO) was to pay in cash, the total sum of indebtedness to marketers within the time frame expressed in communications with these government Ministry and Office to enable us continue in business; pay our staff and not rely on facilities from Banks; which are no longer forthcoming.”
DAPPMAN said that these debts owed to marketers actually belong to banks, their shareholders and depositors (the general public) and other Federal Government Agencies such as PPPRA, PEF-M-B, AMCON.
The statement further read in part, “Acting in compliance with extant banking regulations of the CBN, banks have recently swooped on marketers with non-performing loans; taken over such marketers’ depots and also have cut off any form of trading loans to these marketers. As a result, thousands of families have lost their means of livelihood. Many more Marketers will follow suit in the event that FG does not settle these debts to marketers,” Adewole said.
We recall events of 2017; approvals obtained when the then Ag. President, Professor Yemi Osinbajo in June, 2017 promised that payment would commence by 31st July, 2017. We also recall several follow up meetings anchored by the Chief of Staff to the President on the same issue and when nothing was forthcoming from the FG, we were forced to issue an ultimatum to lay-off staff on the 25th of December, 2017. Unfortunately based on the FG, failed promises to address the Sovereign debt which was then less than N 350Billion, it has bludgeoned to over N 800Billion and it is still rising. December 2018 makes it 18 months after FEC approval for this payment and 3 months after the National Assembly (NASS) approval yet marketers have not been paid.
We emphasize that FG’s proposed payment of promissory notes is not acceptable to DAPPMAN. This will adversely affect the Financial system taking due cognizance of the futuristic nature of this proposed mode of payment! ” he said.
Therefore as from today, our work force, save for security operatives, will effective, 7th December 2018 cease to be on our payroll pending payment of the debt owed by the Federal Government.”