August 1, 2023

IPMAN, others, laud Polaris Bank, Emadeb Energy on fuel importation

IPMAN to shut down operations in Anambra in solidarity with member

By Peter Egwuatu

The Independent Petroleum Marketers Association of Nigeria (lPMAN) and stakeholders have commended Polaris Bank, Nigeria’s leading digital commercial Bank and Emadeb Energy Services Limited, one of Nigeria’s leading indigenous players in oil and gas, for their collaborative efforts and strategic partnership that resulted in the recent importation of 20,000 metric tonnes of premium motor spirit (petrol) into the country. 

The National Operations Controller of lPMAN, Mr. Mike Osatuyi, speaking exclusively to PLATFORMS AFRICA, described the pioneering feat by Polaris Bank and Emadeb Energy as unprecedented, noting that they have both made it possible for Nigeria to break the age-long monopoly in the downstream sector. 

He specifically commended Polaris Bank for fully funding the whole cargo to the tune of N13bn, thus enabling the transportation of the 20,000 metric tonnes, or 27 million litres of petrol, to the country seamlessly.

“The NNPC’s many years of monopoly in terms of importation have been broken by Emadeb Energy Services Ltd. This is commendable, particularly for the company. Being the pioneer in a tough terrain is not easy. But of specific interest is (Polaris Bank) the Bank that financed this feat. We were there to witness the event. We saw the cargo ship as it arrived. It is a huge investment. The Bank has demonstrated strong belief in the market after deregulation. I call on others to emulate this,” Osatuyi said.

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, said: “This is what we have been looking forward to. 

When we talk about deregulation, people think it’s all about increasing prices. No. Although prices would now be determined by market dynamics, deregulation also opens up the market for other players to come in,” he declared.

Similarly, Chinwe Iloghalu, Executive Director at Polaris Bank, said: “We are enthralled to have partnered with Emadeb Energy on this important project”.