President Muhammadu Buhari is the minister of petroleum. He controls NNPC.
Although the government ‘deregulated’ the downstream oil sector, he minister of Petroleum has the final say on what happens in the oil market.
One of such bodies directly controlled by President Buhari is the NNPC.
NNPC in turn regulates independent and major stakeholders in the oil sector.
Major Oil Marketers Association of Nigeria, MOMAN led by its chairman Mr. Wale Tinubu.
In a bid to stave off fuel crisis, NNPC has on several occasions partnered with two independent major players in the oil sector.
They are the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Major Oil Marketers Association of Nigeria (MOMAN).
IPMAN is our focus today.
IPMAN has entered into a partnership with NIMEX Petroleum Group to import 100,000 metric tons of petroleum products.
The plan is part of President Buhari’s deregulation policy.
Mr. Obasi Lawson, IPMAN’s president said “We assure all IPMAN members, the FG and the public at large that IPMAN’s strategic relationship with NIMEX will ensure the availability of Premium Motor Spirit (PMS), the Automated Gas Oil (AGO) and Dual Purpose Kerosene (DPK) in large commercial quantities.
“They (NIMEX) will complement the efforts of government to quench the burning thirst of our members and the public at large for these products.
“It will be a win-win situation for IPMAN, the generality of Nigerians and NIMEX Group,” he said.
But here is our question: Why would NNPC allow NIMEX to do business in Nigeria?
Here is why we are asking.
In 2011, the EFCC was looking for one Azmat Mahmood who allegedly received over N1 billion as subsidy for products not supplied.
EFFC also published this on their official Facebook page.
Azmat Mahmood is the owner of NIMEX!
You read that right.
NIMEX was established in London in September 1990 as a trading company dealing in petrochemicals and petroleum products.
The company has grown into a global trading organization with business presence across West, North & Central Africa, Europe and the Middle East.
The EFCC has not issued any statement as to whether the owner of NIMEX was cleared of the fraudulent charges leveled against him.
It is however curious as to why IPMAN, NNPC and the Minister of Petroleum decided to do business with a fellow who had defrauded Nigerians in subsidy claims.
NNPC should clarify why they decided to re-engage NIMEX.
Is this why the presidency is set to fire Maicantala Baru?