As Nigeria’s oil and gas sector continues to dominate the economy, the importance of oil terminals—commonly referred to as tank farms—cannot be overstated.
These facilities act as vital storage hubs for petroleum products, ensuring efficient distribution both within the country and internationally.
In 2023, the Nigerian National Petroleum Company Limited (NNPC) reported impressive revenues totaling N23.9 trillion, which included N12.02 trillion from domestic crude oil sales and N2.04 trillion from exports to Panama.
With over 1.35 million barrels produced daily, Nigeria reinforces its status as Africa’s largest oil producer, with the oil and gas sector contributing to more than 90% of the nation’s exports.
Recent increases in daily crude oil production, rising to 1.352 million barrels in August, position the industry for growth, especially with Brent crude prices stabilizing around $77 per barrel in October amid escalating Middle Eastern tensions.
As Nigeria navigates its path to economic recovery, the contributions of its oil terminals will be pivotal. This report spotlights the CEOs and Managing Directors of the country’s largest oil terminals and tank farms, providing insights into their leadership and strategic initiatives in an evolving industry landscape.
Segun Adebutu-CEO/Chaiman Petrolex Oil and Gas Tank Farm
Capacity: 300 million liters
Segun Adebutu is a Nigerian entrepreneur and philanthropist with a diverse portfolio spanning oil and gas, mining, infrastructure, telecommunications, and entertainment across sub-Saharan Africa. He began trading oil in 2004 and is now spearheading the development of a Mega Oil City in Ibefun, Ogun State, which will feature a 250,000 barrel-per-day refinery and create over 10,000 jobs. Adebutu chairs several companies, including Petrolex Oil & Gas whuch he founded in 2007 and Oladiran Engineering.
He is also the founder of the Oladiran Olusegun Adebutu Foundation, which supports vulnerable children with access to education and healthcare. His philanthropic efforts include adopting 300 displaced children. Additionally, he oversees Bluebridge Marine, Oladiran Agro-Allied, and Baseline Records, and is on the board of Premier Lotto Nigeria. Adebutu holds an economics degree from the University of Ibadan.
The Petrolex Group has invested over $330million in the Ibefun tank farm. The storage facility is the largest and the first of its kind in sub-Saharan Africa. Petrolex’s Phase One project is a state-of-the-art facility featuring a 300 million-litre capacity tank farm. It includes 30 loading gantries, which significantly improve its fuel distribution capabilities. The facility also supports a 4,000-truck capacity park, ensuring efficient transportation logistics. In terms of marine operations, Petrolex is equipped with a 30,000-tonne (30kt) vessel, 16 barges, and 8 tugboats, enhancing its ability to manage large-scale fuel shipments and inland waterway distribution.
Marco Storari – CEO MRS Oil
Capacity: 150 million litres
Marco Storari is a seasoned executive with over three decades of experience in management, shipping, trading, and terminal operations. His career spans various high-level roles in Italy, Monaco, and Nigeria, where he has consistently achieved business success.
Before being appointed as the Managing Director (Acting) of MRS Oil Nigeria, Storari served as the Group Executive Director (Storage and Terminal) at MRS Holdings Limited. In this capacity, he has been instrumental in the transformation of the MRS Group over the past ten years, driving innovation and operational efficiency across its terminal and storage operations.
MRS Oil Nigeria operates an extensive network that supports Nigeria’s fuel demands across multiple sectors. Key to its operations is a 15 million-litre/day terminal in Tincan, Lagos, and a 2 million-litre/day fuel terminal at Apapa, Lagos. These facilities are backed by a 150 million-litre storage capacity and a jetty with a 400-meter LOA and 12 million draft for efficient offloading of large vessels.
The company also boasts a truck staging area in Isolo for over 1,000 trucks, ensuring seamless logistics. Its lubricant blending and packaging plant caters to industrial and automotive needs, while AvJet facilities in Lagos and Abuja provide essential aviation fuel services. With 586 retail stations nationwide, MRS Oil Nigeria plays a critical role in the downstream sector, delivering energy to consumers across the country.
https://www.mrsholdings.com/about-us/
Abdulkabir Adisa Aliu-GMD/CEO of Matrix Group
Capacity:150 million litres
Abdulkabir Adisa Aliu is the Group Managing Director and CEO of Matrix Group, where he oversees strategic direction and performance. A graduate in Metallurgical and Materials Engineering, he enhances his industry knowledge through global training programs. Under his leadership, Matrix was recognized among Nigeria’s top 100 businesses in 2014. With over a decade of experience in oil and gas and banking, he is a visionary leader known for overcoming challenges.
Matrix Energy Group proudly holds the title of the largest independent storage facility in Nigeria, specializing in the receipt, storage, and distribution of various petroleum products, including Premium Motor Spirit (PMS), Gasoil (AGO), and Aviation Fuel (ATK). Operating four advanced storage facilities in Warri, Delta State, the company boasts a combined capacity of 150 million liters for white products and 5,000 metric tonnes for Liquefied Petroleum Gas (LPG).
Tunde Folawiyo-CEO/MD Yinka Folawiyo Group
Capacity: 100 million litres
Tunde Folawiyo, an accomplished Nigerian businessman, took over as 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 and later pursued a Law degree and a Master’s in Law from University College London. Tunde’s leadership has propelled the company’s diversification, expanding its interests in oil, gas, agriculture, real estate, and shipping, maintaining the legacy of growth and innovation started by his father.
- He was on the board of Access Bank Plc, formerly knowns as Access Bank of Nigeria for 12 years. In 2005, he led Marina International Bank Ltd to successfully merger with Access Bank Plc.
The company’s state-of-the-art petroleum storage facility holds up to 100 million liters, emphasizing operational efficiency. It features a berthed vessel discharge capacity of 45 million liters within 24 hours. With eight simultaneous truck-loading and offloading bays, the facility handles up to 350 trucks daily, ensuring swift dispatch with an average loading time of just 20 minutes per truck. This infrastructure underlines the company’s dedication to maintaining an efficient supply chain in the petroleum industry, meeting both operational demands and customer needs effectively.
Mrs. Winifred Akpani-MD/CEO Northwest Petroleum
Winifred Akpani OFR is a prominent Nigerian entrepreneur and Chartered Accountant, renowned for her pivotal role in the oil and gas sector. As the Founder and CEO of Northwest Petroleum & Gas Company Limited, she has significantly contributed to indigenous petroleum marketing.
Akpani holds a Bachelor’s degree in Mathematics from the University of Benin and a Postgraduate Diploma in Computer Science from the University of Lagos. Her career commenced in 1987 at Oni Lasebikan and Co. and continued at Arthur Anderson & Co., where she qualified as a Chartered Accountant.
In 1998, she launched Northwest Petroleum with a modest initial capital, evolving the company from distributing diesel in drums to a major player in oil trading and investment in Nigeria’s oil industry. In 2019, she was elected Chairman of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), further solidifying her influence in the sector.
Northwest Petroleum & Gas Company Ltd, has over 100 million liters in storage capacity. The company commissioned its first ultra-modern petroleum storage terminal in 2007, with a capacity of 40,000MT (approximately 43.2 million liters), certified by the Department of Petroleum Resources. This was followed by a second terminal in 2011, with a capacity of 50,000MT (53.68 million liters).
Nomnso Dike-CEO Asharami Synergy
Capacity: 81 million litres
Nomnso Dike brings nearly 18 years of experience in finance and business development, having held various roles within the Sahara Group. His diverse expertise has contributed to the company’s growth and strategic initiatives across different sectors, showcasing his ability to adapt and excel in dynamic environments.
Asharami Synergy, a subsidiary of Sahara Group, stands as a premier vertically integrated downstream company, focusing on procurement, logistics, marketing, and distribution of petroleum products throughout Nigeria and Africa. With over 20 years of industry experience, Asharami Synergy has cemented its position in West Africa’s oil and gas sector, providing innovative fuel procurement and distribution solutions. The company boasts a combined storage capacity of 81 million liters, ensuring efficient supply chain operations. Their commitment to leveraging technology and enhancing operational efficiency solidifies their role as a leader in the downstream market.
Suresh Kumar-MD NIPCO
Capacity- 76 million litres
Suresh Kumar was appointed managing director of NIPCO Plc on February 1, 2020 and has been a key figure in NIPCO’s leadership for nearly 15 years. Serving as the immediate past Chief Operating Officer (COO), he was responsible for overseeing the entire terminal operations, including managing relationships with key government agencies. 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.
In his role as COO, Mr. Suresh played a vital part in driving the company’s growth. His hands-on knowledge and leadership prepared him for the position of Managing Director, positioning him as the natural successor to lead NIPCO’s next phase of expansion.
NIPCO’s 9.5-hectare site, strategically located near Apapa Oil Jetties (AOJ), handles approximately 50% of Nigeria’s fuel needs. The company established a state-of-the-art petroleum storage terminal of 76 million liters to meet market demand. It features dedicated pipelines linked to all three Apapa Jetties, facilitating the simultaneous receipt of PMS, AGO, and DPK.
https://nipcoplc.com/depot-division/
Dr. Victoria A. Samson- Managing Director of BOVAS Group
Dr. Victoria A. Samson, Managing Director of BOVAS Group, is a marketing veteran with over 30 years of experience in the Nigerian oil and gas sector. She has excelled as a dealer for Texaco Nigeria Plc and Mobil Plc, and in 1990, became the first Nigerian to win the prestigious Texaco Latin America West Africa (LAWA) Award for Best Overall Dealer.
In 1980, she founded BOVAS as an indigenous petroleum marketing company, marking the beginning of a notable career. Her first major achievement came in 1990, when she became the first Nigerian to win the Texaco Latin America West Africa (LAWA) Award for Best Overall Dealer. Since then, she has led BOVAS to become a trusted name in fuel distribution, known for its integrity and refusal to exploit fuel scarcity to inflate prices.
Additionally, she is a recognized philanthropist, giving back to communities through the BOVAS Foundation. A Harvard alumnus, she has received honorary doctorates and numerous awards, further cementing her leadership in the industry.
BOVAS Group, a leading petroleum product supplier in Nigeria, ensures consistent availability through two large fuel terminals, a dedicated jetty, and a truck park with a capacity for 100 trucks. Their storage facilities accommodate 73 million liters of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Dual Purpose Kerosene (DPK). They also have an aviation fuel terminal under construction with a 500,000-liter capacity. BOVAS’s depots can load over 4 million liters daily, supported by advanced safety infrastructure, including UV-protected tanks and a dedicated fire station, maintaining a zero-accident record since inception.
Dr. Chris Odinaka -CEO Mainland Oil & Gas
Dr. Chris Odinaka Igwe, Chief Executive Officer of Mainland Oil & Gas and Chairman of Chrisnak Group, is a key figure in Nigeria’s oil and gas sector. With over two decades of experience, Igwe has played a pivotal role in growing Mainland Oil & Gas, a company with significant downstream interests, including a tank farm and over 32 retail outlets nationwide. He is also Vice Chairman of JUHI-2, a key aviation fuel storage joint venture in Nigeria.
In addition to his business ventures, Igwe is committed to philanthropy through the Chris Odinaka Igwe Foundation, which supports orphans, widows, and disadvantaged communities with education, housing, and infrastructure development.
Mainland Oil and Gas Co. Ltd, a subsidiary of Chrisnak Group of Companies was incorporated in 2003 to proffer an all round solution to consumers in the downstream sector of the Nigerian Petroleum Marketing Industry.
Mainland Oil and Gas operates a state-of-the-art tank farm in the Portside Industrial Area of Calabar, with a storage capacity of 65 million litres. Licensed by the Department of Petroleum Resources (DPR), the facility is positioned to store and distribute high-quality petroleum products efficiently.
The depot’s location minimizes environmental impact and disruption to the surrounding community. It comprises eight tanks, all built to API 650 standards, available for exclusive or shared lease agreements. The tank farm’s sophisticated loading gantry features six arms, each capable of dispensing 33,000 litres within 15 minutes, optimizing operational flow.
https://mainlandoil.com/about.php#
Fredrick Obateru Akinruntan-CEO Obat Oil
Capacity: 65 million litres
Fredrick Obateru Akinruntan, the traditional ruler of Ugbo Kingdom in Ondo State, Nigeria, is also a prominent oil magnate, founding Obat Oil in 1981. Under his leadership, the company has expanded to over 50 gas stations nationwide.
In March 2014, Forbes estimated his net worth at $300 million, making him Nigeria’s richest king and the second-richest monarch in Africa. His luxurious lifestyle includes a custom-built Rolls-Royce and a notable collection of high-end watches. Despite his royal status, Obateru’s journey was marked by challenges, including a lawsuit that led to his ascension as king in 2009 after a complex succession dispute.
OBAT Ultra-Modern Depot, strategically positioned in Apapa, Lagos, is licensed by the Department of Petroleum Resources (DPR) and features a robust storage capacity of 65 million liters. The facility, equipped with a dedicated jetty for large cargos of up to 25,000 MT, enhances operational efficiency in the petroleum sector.
Comprising nine storage tanks of 7.2 million liters each, the depot caters to multiple products including Automotive Gas Oil (AGO) and Premium Motor Spirit (PMS), ensuring safe and compliant storage through innovative bundwall designs.
Note: The individuals featured in this compilation have been carefully selected by a distinguished panel of editors, experts, and analysts at Nairametrics. It is important to note that none of the individuals listed have solicited their inclusion. While this list aims to be comprehensive, it is by no means exhaustive; numerous other contributors have played significant roles in advancing oil terminals in Nigeria’s Petroleum Industry. This compilation is exclusive to Nairametrics and may be updated periodically to reflect changes and advancements in the field. Feedback will be appreciated.
