IPMAN Challenges Dangote’s 500 Million Litres Fuel Stock Claim

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has publicly questioned claims made by Dangote Group President, Aliko Dangote, about a substantial reserve of fuel stock held by the Dangote Refinery. According to Dangote, the $20 billion facility, capable of refining 650,000 barrels per day, currently holds 500 million litres of premium motor spirit (PMS), or petrol, in stock—enough to supply the nation for 12 days without imports.

Speaking on Channels TV’s “Sunrise Daily,” IPMAN’s National President, Abubakar Maigandi, cast doubt on this figure, citing logistical issues faced by petroleum marketers attempting to source fuel from the refinery in Lagos. Maigandi revealed that despite IPMAN members being mobilized by the Nigerian National Petroleum Company Limited (NNPCL) to collect fuel, some were unable to load any product from the facility for four consecutive days. He added that despite an advance payment of N40 billion made to the NNPCL, fuel marketers have not yet been able to procure products from the Dangote Refinery.

On Tuesday, Dangote encouraged petroleum marketers and NNPCL to source locally, asserting that the refinery’s production capacity could reduce Nigeria’s dependence on fuel imports. “We’re more than ready,” Dangote assured journalists after a closed-door meeting with President Bola Tinubu at Aso Rock Villa. “We have 500 million litres in our tanks…enough to sustain the country for over 12 days if no other production or imports occur,” he stated confidently.

However, Maigandi expressed surprise and frustration at this statement, pointing out that marketers are eager to purchase fuel directly from the Dangote Refinery if direct sales can be arranged. “If he (Dangote) can sell directly to us, we are ready to buy because we have funds committed. Presently, we have N40 billion under NNPCL’s management, but sourcing the product has proven difficult,” Maigandi noted.

Additionally, he criticized the current arrangement where IPMAN must go through NNPCL, suggesting instead that independent marketers be allowed to register directly with the refinery to ease access and facilitate smoother transactions.