Fresh crisis hits IPMAN over alleged of N10b fraud

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has suspended its immediate past president, Aminu Abdulkadir, over alleged mismanagement of N10.9 billion subsidy claims.

The President of IPMAN, Chinedu Okoronkwo, who disclosed this Tuesday in Abuja at the extraordinary general meeting of the association, alleged that the former president has failed to explain the activities of the IPMAN Investment Limited since it was registered.

His words: “We are here because N10.9billion subsidy money. IPMAN investment company was given a corridor to invest to bring product in the country. The so-called product was not seen by the marketers. Today, Aminu Abdulkadir is doing everything he can to ensure there is no peace in the union so that he won’t provide explanation about the money.

There is no account that has been rendered by the directors of the company since its inception. The NEC of this association has already petitioned the Economic and Financial Crimes Commission (EFCC), the Inspector General of Police (IGP) and other agencies of government of this development. Also, our secretariat opposite the American embassy in Abuja, which has gotten to third floor has been sold without any explanation.”

He said the former President was suspended from the association after his refusal to appear before a committee that was set up to examine the financial transactions during his tenure.

He also revealed that both NEC and Annual General Meeting (AGM) of the association has ratified the suspension pending the determination of the current probe.

The meeting also mandated the National Executive Council (NEC) of the association to evolve measures that will further aid the IPMAN in strengthening its stake in the downstream sector and diversify where necessary.

The meeting also amended constitution to reflect changes in the composition of the board of trustees, automatic succession clause for the office of the National Vice President as enshrines in Article 20 and 22 of the 2009 amended constitution in accordance with current realities.