Investors are shying away from the proposed $3billion refineries project of the Independent Petroleum Marketers Association of Nigeria (IPMAN) over leadership crises in the union, IPMAN’s Chairman, South-West, Alhaji Debo Ahmed, has said.
He also said IPMAN is awaiting the judgment of the Supreme Court on the issue in December, this year, adding that the judgment will determine the next line of action for the organisation. According to him, IPMAN will try and woo investors back into the project, once the Supreme Court judgment favours the union, by proffering a lasting solution to its leadership crises.
In an interview at the weekend, Ahmed said IPMAN would have long completed the construction of the refineries, which it planned to build in 2014 in order to reduce dependence on imported fuel and further improve consumption of the product in the country. He said wrangling among the top- echelon of the union made investors to change their mind, after they had already shown some interest in the project by signing an MoU.
Source: The Nation