Home Business IPMAN urges FG to reopen investigation into alleged N10.9bn subsidy fraud

IPMAN urges FG to reopen investigation into alleged N10.9bn subsidy fraud


Abuja –  Independent Petroleum Marketers Association of Nigeria( IPMAN) has called on the Federal Government to immediately reopen investigation into the alleged N10.9 billion subsidy fraud involving IPMAN Investments Limited.

The President of the association, Chief Chinedu Okoronkwo, made the call at the end of the group’s extraordinary General Meeting in Abuja on Tuesday.

He said the association had dissolved its Board of Trustees and amended its constitution.

Okoronkwo said the decision to call on the Federal Government to reopen the subsidy payment issues was so that the level of IPMAN’s alleged involvement would be determined.

According to him, individuals found culpable will be brought to book and made to answer for their wrongdoing.

He said that the association unanimously voted to suspend its former president, Alhaji Aminu abdulkadir, and one Lawson Obasa

He said the decision for suspending them and dissolving the board was because of alleged corrupt practices perpetrated by the past president and some members of the board.

Following the dissolution of the board, members of the association present at the meeting constituted a new 21-member Board of Trustees, representing the 21 depots across the country, he said.

Okoronkwo said the new board had responsibility to advise the executive on IPMAN’s business processes to ensure that marketers enjoyed adequate supply of products and guarantee unhindered supply of products.

Meanwhile, in a communiqué issued after the meeting, the group mandated the National Executive Committee (NEC) to evolve measures that would further aid the association in strengthening its stake in the downstream sector and diversify where necessary.

The group passed a vote of confidence on the Chinedu Okoronkwo-led NEC and adopted the 2009 amended constitution to reflect changes in the composition of the Board of Trustees..

It said the amendment included automatic succession clause for the office of the National Vice-President as enshrined in Articles 20 and 22 of the 2009 Amended Constitution.

The meeting also mandated members of the board to elect “their chairman which position shall rotate between north and south, five members from each zone and the National President and Secretary as members.

The meeting, in line with the 2009 Amended Constitution, conducted a bye-election to fill vacant positions for the office of the Vice President and other offices. (NAN)

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