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The National Operations Controller of IPMAN, Mr. Mike Osatuyi, hailed the achievement, breaking the age-long monopoly in the downstream sector and supporting the country’s economy after deregulation.
Mr. Osatuyi specifically commended Polaris Bank for fully
funding the N13 billion cargo, facilitating the seamless transportation of
20,000 metric tonnes of petrol. He emphasized the vital role of financial
institutions in supporting the growth of the critical downstream sector.
He also lauded Emadeb Energy for breaking the Nigerian
National Petroleum Corporation’s monopoly in importation, and called on other
companies to follow their lead. Mr. Osatuyi highlighted the benefits of total
deregulation of the downstream sector and assured IPMAN’s support for the
policy and collaboration with financial stakeholders.
Stakeholders also celebrated the development, with Farouk
Ahmed from the Nigerian Midstream and Downstream Petroleum Regulatory Authority
(NMDPRA) describing it as an important milestone after full deregulation.
Chinwe Iloghalu, Executive Director at Polaris Bank, expressed delight in
partnering with Emadeb Energy for this significant project.
Since its inception in 2018, Polaris Bank has been providing
crucial funding and financial advice to players in the oil and gas industry,
supporting the growth of Nigeria’s upstream and downstream sectors and the
overall economy. Emadeb Energy’s landmark feat marked the first-ever private
sector importation of 20,000 metric tonnes of PMS since the final removal of
subsidy on petrol.
Polaris Bank, a digitally-enabled institution, focuses on
delivering superior financial solutions and products to customers across
various sectors, earning recognition as the Digital Bank of the Year in 2021
and 2022. The collaborative effort between Polaris Bank and Emadeb Energy
stands as a significant step towards a more competitive and vibrant downstream
sector in Nigeria.