Tuesday, 2 August 2016


Managing director of IPMAN Investment Limited, Mr Tunji Adeniji, has denied alleged report on N10.9 billion subsidy scam in IPMAN Investment Limited, made by the  factional president of IPMAN, Elder Chinedu Okoronkwo.

This rebutal was contained in a communiqué issued by Mr Adeniji after the IPMAN NEC meeting in Abuja.

Adeniji described as falsehood the allegation that its board of trustees chairman, Alhaji Aminu Abdulkadir, embezzled the proceeds of petroleum subsidy claim of the association amounting to over N10.9 billion.

He said that the allegation, which was recently levelled against Abdulkadir by one of its factional leaders, Elder Okoronkwo was untrue insisting that Abdulkadir was not guilty of such crime, which Okoronkwo claimed he committed through IPMAN Investment Limited.

He said that the allegation was the handiwork of elements that were unhappy with the current peaceful state of the association.

He, however  challenged anyone with evidence of wrong doing in IPMAN to come forward with such information for appropriate actions, insisting there was nothing like a N10.9billion subsidy claims

Adeniji stated that IPMAN Investment Limited was legally instituted with credible members managing the company which Okoronkwo has testified to.

He said that all permits given to IPMAN Investment Limited by the Petroleum Products Pricing and Regulatory Agency (PPPRA) were duly executed.

According to him, Okoronkwo ought to know the bounds of free speech and where defamation starts.

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