Nigerian Marketers Deny Reaching Oil-Debt Deal to Stop Strikes

(Bloomberg) -- Nigeria’s Depot and Petroleum Marketers Association says it hasn’t reached an agreement with the government to avert strikes over the country’s oil debt, Olufemi Adewole, the group’s executive secretary, said in a statement.

Marketers threatened to halt operations if Nigeria failed to pay claims of about 800 billion naira ($2.2 billion). The group and government agencies met Thursday in the capital, Abuja, to work toward an agreement and halt strike action, but haven’t agreed on a deal despite an earlier tweet by the finance ministry.

“There was no agreement reached because offers by the government failed to meet the legitimate demands of the association," Adewole said. “Our ultimatum stands.”

The association says the failure of the government to pay has made it difficult to meet bank obligations and pay staff salaries. DAPPMAN will remove its entire workforce, excluding security, from its payroll, according to the statement. Halting operations could cause fuel shortages across the country.

The group wants the debt to be paid in cash to enable it to "continue in business," Adewole said.

To contact the reporter on this story: Solape Renner in Lagos at srenner4@bloomberg.net

To contact the editors responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net, Christopher Elser, Stephen Kirkland

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