Meet the top 10 CEOs leading Nigeria’s Multi-billion Naira Oil Terminal industry

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. 

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. 

https://www.petrolex.com/ 

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. 

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/ 

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). 

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.  

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. 

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). 

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.