‘We are purely downstream retailers with no refining ambitions’

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ABAYOMI AWOBOKUN is the Chief Executive Officer, Enyo Retail & Supply, a downstream marketing company. In this interview with FRANK UZUEGBUNAM, Awobokun talks about the 2nd anniversary of Enyo, managing retail prices across the length and breadth of Nigeria, downstream deregulation, amongst other issues. Excerpts:


Enyo has just celebrated its 2nd year anniversary. What can you tell us about the past two years?

I think the best way to start is to express gratitude to our shareholders and the board. When we started, there was a lot of negativity around the downstream sector. Despite that, we were able to get off the ground and raise capital. We have a great board led by our chairman, Tunde Folawiyo. In the early days, people were asking “Who are these guys?” But the board gave us legitimacy. The board is made up of experienced people in the oil and gas space.

We launched our first station in August 2017 which was our Ibadan Olorun Sogo; our second was in Zuba, Abuja, and then we went to Kano as well. We tested the waters in a few cities and closed the year with five stations. We thought it was a huge achievement because we did not think we would have any station that year.

In 2018, our focus was to roll out 25 and we closed the year with 40 and in 2019, we just continued along that growth trajectory. That is how the journey has been.

It has been two years now and we still feel like we are a startup. The opportunity ahead of us is strong. With God on our side, we can tap into it.

How will the lessons of the past two years help in navigating the future?

The first lesson …