Anger as Nigeria's Finance Minister Adeosun removes Igbo companies for forex payment

Anger as Nigeria's Finance Minister Adeosun removes Igbo companies for forex payment

Other Nigerians in the Oil & Gas industry are crying as Nigeria's finance minister, Kemi Adeosun removed names of Igbo owned companies due for the batch payment of Foreign Exchange and Interest differentials in respect of Premium Motor Spirit [PMS] importation.

Authoritative sources in the downstream sector told Elombah.com that the Minister of Finance personally removed names of Igbo companies and substituted them with Yoruba companies. 

PMS is imported at agreed Forex rate. 

Access to Foreign Exchange (forex) remains a huge challenge in its petroleum marketing business despite the removal of oil subsidy by the Federal Government. 

All interest incurred by importers as a result of delayed payment of subsidy portion are refunded by the Federal Government of Nigeria. 

This is covered in the Petroleum Products Pricing Regulatory Agency [PPPRA] contract with qualified marketers.

The Federal Government has decided to commence payment of these obligation in batches of about 50-60 billion Naira. 

The minister approved the first batch of payments yesterday, Elombah.com learnt.

Commenting on the substitution, one of the affected importers who wished to remain anonymous cried:

“This woman that speaks with British accent is really a tribal champion. 

“This was what Okonjo-Iweala never did.”