We have invested N8bn to build 56 retail stations – Awobukun
Chief Executive Officer, ENYO Retail and Supply Limited, Abayomi Awobukun revealed that his organization has invested over N8 billion in building downstream retail fuel outlets.
On Wednesday, Awobukun made this known to the public in a press briefing in Lagos, where he also revealed that ENYO is powered by investors, with Tunde Folawiyo taking charge of proceedings as its chairman.
He said: “We are about 18 month old and our major investor is Folawiyo Energy and we have invested over N8 billion to build 56 retail stations across Nigeria.
“We have 17 filling stations that are under construction which is expected to come on stream by June. Because we are in a competitive environment, we placed importance on technology-driven innovations.
“We are trying to change the narrative. We focus on training and career growth.
“We are set to be a major player in near future because right now, nothing much is happening in the sector. Since we are focusing only on retail business, our business model is based on available margin,”
ENYO, which products and services include Premium Castrol Lubricant, Superior Liquefied Gas, Vehicon, Reelax, and, Diesel 2Door, was founded in 2017. The company now has over 55 fuel stations. Part of its commitment is to acquire more retail stations in order to expand service delivery across Nigeria.
“We are entering into a contractual agreement with key dealers across the country to fast track rapid acquisition of stations.
“We believe that having stations at strategic locations will help us drive our commitment to the provision of quality fuel and petroleum products.” he added.
Wheel NG is the people's guide to navigating the world; it covers the latest in business, travel, showbiz, infotech and lifestyle.