Nigeria’s oil and gas industry remains a cornerstone of the country’s economy, with oil terminals commonly referred to as tank farms serving as crucial hubs for the storage and distribution of petroleum products. These facilities not only ensure that fuel is available within the country but also play a significant role in exports.
In 2023, the Nigerian National Petroleum Company Limited (NNPC) reported impressive revenues totaling ₦23.9 trillion, which included ₦12.02 trillion from domestic crude oil sales and ₦2.04 trillion from exports.
With over 1.35 million barrels produced daily, Nigeria retains its position as Africa’s largest oil producer, with the oil and gas sector contributing to over 90% of the nation’s exports.
As Nigeria seeks economic recovery, the contributions of its oil terminals are more critical than ever. Here are the CEOs who are in charge of Nigeria’s multi-billion naira oil terminal industry.
Segun Adebutu – CEO/Chairman of Petrolex Oil and Gas Tank Farm
Capacity: 300 million liters
With a diverse portfolio spanning oil and gas, mining, telecommunications, and entertainment across sub-Saharan Africa, Segun Adebutu began trading oil in 2004. He founded Petrolex Oil & Gas in 2007 and is now developing a Mega Oil City in Ibefun, Ogun State.
This ambitious project will feature a refinery with a capacity of 250,000 barrels per day and create over 10,000 jobs. Under Adebutu’s leadership, the Petrolex Group has invested over $330 million in the Ibefun tank farm, which is the largest in sub-Saharan Africa.
The Phase One project includes a state-of-the-art 300 million-liter capacity tank farm, complete with 30 loading gantries to enhance fuel distribution. The facility also supports a truck park with a 4,000-truck capacity, ensuring efficient logistics. In addition, Petrolex operates a marine segment with a 30,000-ton vessel, 16 barges, and 8 tugboats, facilitating large-scale fuel shipments and inland waterway distribution.
Marco Storari – CEO of MRS Oil
Capacity: 150 million liters
Marco Storari brings over three decades of experience in management, shipping, trading, and terminal operations. Before his appointment as the Managing Director (Acting) of MRS Oil Nigeria, he was the Group Executive Director (Storage and Terminal) at MRS Holdings Limited.
He has been pivotal in transforming the MRS Group over the past ten years by driving innovation and operational efficiency. MRS Oil Nigeria operates a network designed to meet Nigeria’s fuel demands across various sectors.
The company has a 15 million-liter per day terminal in Tincan, Lagos, and a 2 million-liter terminal in Apapa, Lagos. Its storage capacity reaches 150 million liters, complemented by a jetty with a 400-meter length overall (LOA) and a draft of 12 meters for efficient offloading of large vessels.
MRS also has a truck staging area in Isolo for over 1,000 trucks, enabling seamless logistics. The company operates 586 retail stations nationwide, playing a crucial role in the downstream sector.
Abdulkabir Adisa Aliu – GMD/CEO of Matrix Group
Capacity: 150 million liters
Abdulkabir Adisa Aliu leads Matrix Group, overseeing its strategic direction and performance. A Metallurgical and Materials Engineering graduate, he enhances his industry knowledge through global training programs.
Under his guidance, Matrix was recognized among Nigeria’s top 100 businesses in 2014. He has over a decade of experience in oil and gas and banking.
Matrix Energy Group is the largest independent storage facility in Nigeria, specializing in receiving, storing, and distributing various petroleum products, including Premium Motor Spirit (PMS), Gasoil (AGO), and Aviation Fuel (ATK). The company operates four advanced storage facilities in Warri, Delta State, with a combined capacity of 150 million liters for white products and 5,000 metric tonnes for Liquefied Petroleum Gas (LPG).
Tunde Folawiyo – CEO/MD of Yinka Folawiyo Group
Capacity: 100 million liters
Tunde Folawiyo, a seasoned businessman, became the Managing Director of Yinka Folawiyo Group in 2008, succeeding his late father, Alhaji Wahab Folawiyo, who founded the company in 1957. He holds a Bachelor’s degree in Economics from the London School of Economics, along with a Law degree and a Master’s in Law from University College London.
Under Tunde’s leadership, the company has diversified its interests into oil, gas, agriculture, real estate, and shipping. The company’s state-of-the-art petroleum storage facility has a capacity of 100 million liters, with a vessel discharge capacity of 45 million liters within 24 hours.
The facility features eight simultaneous truck-loading and unloading bays, allowing it to handle up to 350 trucks daily, ensuring swift dispatch and operational efficiency.
Winifred Akpani – MD/CEO of Northwest Petroleum
Capacity: 100 million liters
Winifred Akpani, OFR, is a notable entrepreneur and Chartered Accountant in the oil and gas sector. She founded Northwest Petroleum & Gas Company Limited, significantly contributing to indigenous petroleum marketing. Akpani holds a Bachelor’s degree in Mathematics and a Postgraduate Diploma in Computer Science.
Since launching Northwest Petroleum in 1998 with modest capital, the company has evolved from distributing diesel in drums to a major player in oil trading and investment. Under her leadership, Northwest Petroleum has a storage capacity of over 100 million liters.
The company commissioned its first modern petroleum storage terminal in 2007, with a capacity of 40,000 metric tonnes (approximately 43.2 million liters), and a second terminal in 2011 with a capacity of 50,000 metric tonnes (approximately 53.68 million liters).
Nomnso Dike – CEO of Asharami Synergy
Capacity: 81 million liters
Nomnso Dike has nearly 18 years of experience in finance and business development, having held various roles within the Sahara Group. His diverse expertise has greatly contributed to the growth and strategic initiatives of the company.
Asharami Synergy, a subsidiary of Sahara Group, focuses on procurement, logistics, marketing, and distribution of petroleum products throughout Nigeria and Africa. With over 20 years of experience in the industry, Asharami Synergy has established itself as a leader in the downstream market, providing innovative fuel procurement and distribution solutions. The company boasts a combined storage capacity of 81 million liters, ensuring efficient supply chain operations.
Suresh Kumar – MD of NIPCO
Capacity: 76 million liters
Suresh Kumar was appointed managing director of NIPCO Plc on February 1, 2020. He has been a significant figure in NIPCO’s leadership for nearly 15 years, previously serving as the Chief Operating Officer (COO).
His extensive industry experience spans over two decades, during which he worked closely with two previous Managing Directors, contributing significantly to NIPCO’s operational success.
NIPCO’s 9.5-hectare site is strategically located near Apapa Oil Jetties (AOJ), handling approximately 50% of Nigeria’s fuel needs. The company has established a modern petroleum storage terminal with a capacity of 76 million liters to meet market demands. This facility features dedicated pipelines linked to all three Apapa Jetties, facilitating the simultaneous receipt of PMS, AGO, and DPK.
Dr. Victoria A. Samson – Managing Director of BOVAS Group
Capacity: 73 million liters
Dr. Victoria A. Samson is a marketing veteran with over 30 years of experience in the Nigerian oil and gas sector. She founded BOVAS in 1980 as an indigenous petroleum marketing company and became the first Nigerian to win the Texaco Latin America West Africa (LAWA) Award for Best Overall Dealer in 1990.
BOVAS Group is recognized for its commitment to integrity, ensuring consistent availability of petroleum products through two large fuel terminals and a truck park with a capacity for 100 trucks.
The company’s storage facilities accommodate 73 million liters of PMS, AGO, and DPK, with plans for an aviation fuel terminal currently under construction, featuring a 500,000-liter capacity. BOVAS’s depots can load over 4 million liters daily, supported by advanced safety infrastructure, maintaining a zero-accident record since its inception.
Dr. Chris Odinaka – CEO of Mainland Oil & Gas
Capacity: 65 million liters
Dr. Chris Odinaka Igwe is the Chief Executive Officer of Mainland Oil & Gas and Chairman of Chrisnak Group. With over 20 years of experience, he has played a key role in developing Mainland Oil & Gas, which operates significant downstream interests, including a tank farm and over 32 retail outlets nationwide.
Mainland Oil & Gas operates a state-of-the-art tank farm in the Portside Industrial Area of Calabar, with a storage capacity of 65 million liters. The facility is licensed by the Department of Petroleum Resources (DPR) and is designed to store and distribute high-quality petroleum products while adhering to environmental safety standards.
Fredrick Obateru Akinruntan – CEO of Obat Oil
Capacity: 65 million liters
Fredrick Obateru Akinruntan, also the Olubadan of Ibadan, is the founder of Obat Oil and Gas Limited, which was established in 1981. He has played a pivotal role in developing the company into one of Nigeria’s leading oil distribution companies.
Obat Oil operates an ultra-modern depot in Lagos, with a capacity of 65 million liters. This facility is equipped with the latest technology for product storage and distribution, ensuring high operational standards.
The company also runs a robust network of over 50 gas stations, contributing significantly to the downstream sector of Nigeria’s oil and gas industry.
SOURCE: businesselitesafrica.com