In line with the vantage position of the Independent Marketers in the distribution of petroleum products, the Federal Government at the commencement of its deregulation effort in 1998, qualified IPMAN to import white petroleum products directly into the country at par with other major oil marketers. This laudable gesture inspired IPMAN to import Autotmative Gas Oil (AGO) and Premium Motor Spirit (PMS) directly into the country and distribute the products through its members successfully across the nation.

To take advantage of the emerging opportunities in the petroleum business, members of IPMAN floated a professional group to manage its business endeavors: IPMAN Petroleum Marketing Company (IPMCL). IPMCL was expected to undertake its business on the same line as other majors are doing, with the difference that it would render services to IPMAN members and in a most cost effective manner. The Federal Government has since welcomed this lofty idea and indicated their full support and encouragement.

With the stem resolve to meet storage facilities challenge, IPMAN/IPMCL acquired a prominent and strategic site at Apapa in 2001. The site formerly owned by Lever Brothers Plc along Dockyard Road, Apapa, measuring 9.42 hectares was acquired at a cost of N1.42 Billion, through a limited bidding exercise. To achieve its corporate mission, IPMAN/IPMCL appointed Purebond Limited, as Technical Partner/Core Investor who have the management expertise and technical know-how to run the business profitably in a competitive environment. Purebond Limited invested over N1.4 Billion. The Core Investor executes the business plans and manages the day-to-day affairs of the company.