Integrated Oil and Gas Limited through its legal firm, Tayo
Oyetibo & Co. has written to the management of the Petroleum Products
Pricing Regulatory Agency, PPPRA, over an outstanding claim of about
N8.68billion owed the company for petroleum products importation under the
Federal Government’s Petroleum Support Fund, PSF. In a 10-page letter tiled,
“Demand for the Immediate Settlement of Outstanding Refunds Owed Integrated Oil
and Gas Limited Under the Petroleum Support Fund Scheme,” the lawyers gave the
breakdown of PPPRA’s indebtedness to its client to include:
i. Outstanding
Principal PSF refund —N6.548 Billion
ii. PPPRA Advice not yet issued for Access
Bank’s —N0.5 Billion balance cargo of Dec 2011.
iii. PPPRA’s earlier short payments on our claims
—N0.98 Billion
iv. Outstanding Accrued Interest —N0.651 Billion
The lawyers maintained that their client submitted a total
of 38 documents for the claims verification, adding that “From the date our
Client joined the operation of the PSF Scheme, it has dutifully and honestly
performed its obligations by importing and supplying Premium Motor Spirit (PMS)
to the Nigerian market based on the agreement it had with the PPPRA.” They
further maintained that the inability of the PPPRA to honour its part of the
agreements “has completely hampered our Client’s ability to honour the
contractual obligations it owes to its financiers notably, Access Bank Plc.”
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