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Monday, November 19, 2018

Many marketers were forced out of business, while others are struggling to survive due to government’s inability to settle the subsidy arrears

“The processes they have highlighted is killing our businesses. Immediately the banks read in the media that the National Assembly had approved, they went to court, got injunction and seized our assets.”

He said that 60 per cent of marketers have been forced out of business as banks have taken over their depots, assets and properties, due to their inability to pay back monies borrowed to import fuel.
He said many marketers were forced out of business, while others are struggling to survive due to government’s inability to settle the subsidy arrears, saying the development is threatening investment in the downstream subsector.


The DAPPMAN scribe stressed that while the federal government had earmarked money to clear the debts, the marketers were yet to be paid.
“The debt has had very adverse effects on our operations. I am aware of two depots that have been forcibly taken over by banks, because they got injunctions from the courts.



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