- ENYO Invests Over N8b in Downstream
ENYO Retail and Supply Limited has invested over N8 billion in the downstream retail business, according to the Chief Executive Officer, Abayomi Awobokun.
Awobokun, who spoke with the press in Lagos, said the company was founded to impact the downstream sub-sector of the oil and gas industry, adding that despite the challenges confronting the oil industry, his team of investors are ready to expand its current market share.
“We want to use innovations and modern designs to our advantage to grow business in the downstream. Enyo doesn’t want to get involved in the business of importing products. We buy from those that import and then sell,” he said.
He further said the company is looking to offer 24-hour service with a combination of pumps where customers can either serve themselves or be served by attendants.
“There are negative stigmas affecting the downstream sector. Past events have given it a bad name. There is general distrust between the customers and the marketers. The economy is also another challenge. Nigerians don’t buy fuel for luxury like driving from Lagos to Akure just for sightseeing. They buy fuel for essentials and not pleasure.”
“There is also the challenge of lack of basic infrastructure. Moving of products from the depots to the filling stations is very challenging. But despite all these challenges, there is still room for growth,’’ he said.
He, however, urged the government to look at issues confronting the industry and address them to better meet stakeholders’ needs.