IPMAN seeks advice from JP Morgan, KPMG on N600bn refineries

The Independent Petroleum Marketers Association of Nigeria is in talks with JP Morgan and KPMG with respect to its plans to build two refineries in Nigeria worth $3bn (about N600bn at N200 per dollar).

In 2014, IPMAN announced plans to construct two refineries in Kogi and Bayelsa states.

The association is, however, currently split into factions.

The factional President, IPMAN, Mr. Chinedu Okereke, told journalists in Abuja that the association was in talks with the world's leading financial institution and the renowned audit/advisory firm in a bid to get the two refineries built and running.

He said IPMAN recently met with officials of the Central Bank of Nigeria, informing the regulatory institution that it was set to bring in funds for the project and would need guidelines on how to go about it.

'When we came on board, we attracted some foreign investors and we all went to the government of Kogi State. We had a proposal for two refineries and we are still working on it. If not for the general elections, we would have gone far. The government of Kogi State gave us over 1,380 hectares of land for the refinery.

'We have done the perimeter survey of the land and the paperwork for the project is ongoing. As I speak with you, we are talking with JP Morgan and KPMG. Last week, we wrote to the CBN telling them that we want to bring in funds and they gave us the guidelines on how to go about it. About $3bn is needed for this project,” he stated.