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Topic-icon Oil Marketers Groan as Matured LCs, Unpaid Subsidy Claims Hit $2Bn

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6 months 2 weeks ago #1 by Elnukeda
Elnukeda created the topic: Oil Marketers Groan as Matured LCs, Unpaid Subsidy Claims Hit $2Bn

The capacity of the Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association (DAPPMA) to import petroleum products has continued to weaken as unpaid subsidy claims and matured Letters of Credit (LCs) arising from the old subsidy regime hit $2 billion, THISDAY has learnt.

THISDAY gathered that the huge debts, which grew as a result of rising cost of forex and the interest charges by banks that funded the importation of the cargoes, have since forced foreign banks such as the Citi Bank of New York, BNP Paribas and others, which provided the LCs for the importation, to stop opening lines of credits for the fuel marketers.

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