The Economic and Financial Crimes Commission (EFCC) has been called in to investigate an alleged missing N500 million in the account of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mosimi depot, Sagamu, Ogun state.


The newly-elected Chairman of the association, Adeleke Dada who spoke shortly after the inauguration of the new executive members of the association, according to a VANGUARD report, said the association lost about N500 million during the last   administration.

But, in a swift reaction, the former Public Relations Officer of the association, Peter Awosanya cautioned the new leaders against the action.

Dada said “They misappropriated about N500 million during their tenure because  they made about N10 million per month from all of the unnecessary  levies which are illegal collection which were not accounted for.

“We are going to call on the Economic Financial Crimes Commission (EFCC) to probe them because they embezzled the unnecessary levies that were paid to them”.

He also said “During the fuel scarcity period, government did not increase the price of petroleum, it was their administration that increased the price in their own capacity to the rate of N110 per litre which is very wrong, the government didn’t tell them to increase it.

“We had enough of the product in Mosimi depot so, whenever there is scarcity, they used that opportunity to hike the fuel price so as to enrich their pockets which was not good on the masses”.

When contacted over the allegation, the former Public Relations Officer, Peter Awosanya described the move as a welcome development but cautioned the new leadership to tread softly,  saying, there is need to allow peace to reign.

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