Enyo targets higher PMS market share

Enyo Retail and Supply Ltd., an indigenous oil and gas firm, has declared its ambition to achieve up to two per cent of the local market share for Premium Motor Spirit (PMS) by the end of 2019.

The company seeks to achieve this not only through its business model, which is the core of its footprint expansion, but by also pushing technology-driven innovations to contribute to the growth of the downstream sub-sector in Nigeria.The Chief Executive Officer of the company, Abayomi Awobukun, explained how the firm’s business model has spurred fast growth in investments, adding that in the last 19 months of existence, the firm has established about 56 retail outlets in 13 states of the federation.

Awobukum further revealed that about 18 more fuel retail outlets are in the pipeline at various stages, as the business he explained, seeks to focus between 70 to 80 per cent on petrol, while the remaining 30 per cent would cover liquefied Petroleum Gas (LPG), Diesel and Lubricants.He disclosed that amid the various challenges faced by the downstream sector of the oil and gas industry in the country, Enyo has invested over N8 billion into downstream operations and still counting.

The investment, he said, has made it possible for the company to cover about one per cent of Nigeria’s PMS market share thus far because that is a major motivation for them.

Awobukun, explained that unlike most competitors in the downstream that focus on two business models—distribution and importation, Enyo is only focused on distribution, saying, “our focus is to buy from whomever and sell.”

According to him, apart from the failure in business models, most competitors are not focused on growing the sector, adding that technology has no priority in the downstream yearly market of over N5 billion.

The players in the sub sector are certain to change in the next four to five years, he noted, hence the need for new comers like Enyo, to take into cognisance three major areas like innovation, technology and training to change the face of fuel retailing business in Nigeria.

“Nothing is happening in the downstream sector as regards technology, but we aspire to change the trend, thus our entire supply to delivery is automated,” he added.

Speaking to the issue of supply, he maintained that just like everyone, the company also gets supplied by the Nigerian National Petroleum Corporation, (NNPC), through the Folawiyo terminals because Tunde Folawiyo is a shareholder and chairman of the company.