The Petroleum Products Pricing Regulatory Agency (PPPRA) has
commenced the process of pre-qualification and registration of all existing and
intending oil-trading companies that supply petroleum products to oil-marketing
companies in Nigeria. This latest development is part of the renewed efforts of
the agency to sanitize the subsidy scheme and ensure that only credible
companies participate in the scheme in view of the abuse of the system that has
led to the indictment of 25 oil-marketing firms for the abuse of the Petroleum
Support Fund (PSF) scheme by the Aigboje Aig-Imoukhuede presidential committee.
Under the current bid by the PPPRA to sanitize the
system, pre-qualified and registered companies would be under obligation to
ensure that only reputable foreign oil traders with record of accomplishment in
the fuel supply business are allowed to participate in the PSF scheme.
PPPRA gave the oil-trading companies till September 7 to submit
certain relevant documents for pre-qualification and registration.
The documents must contain the name of the
company; certificate of incorporation; share capital; country of origin and
registration; names and profile of directors; Nigerian subsidiary, if any; and
share capital. The companies must also provide information relating to their
trading experience within the West African coast sub-region; details of
indictment in the past, if any; main and address of trading offices; email
address and annual turnover.
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