In a season where many big players are exiting Nigeria’s turbulent oil and gas downstream sector, it is a relief that new entrants are aiming high and stepping into the shoes of the former giants. One of these emerging giants is Enyo, a two-year-old petroleum products retail company that has integrated technology into the core of its service delivery.
Enyo was established in 2017 with the aim of creating the most exciting fuel retail brand in the country. It prides itself as a customer-focused and technology fuels retailing company, which is what sets it apart in the business.
Not only is Enyo deploying technology to ensure efficient and accurate fuel retailing, the company is also set to pioneer self-service fuel retailing in Nigeria.
Enyo’s rise to prominence is intricately linked with the fading of giants from the scene. 10 years ago, the bulk of Nigeria’s fuel supply came from the six members of the Major Oil Marketers Association of Nigeria (MOMAN); Oando, MRS, Con Oil, Mobil, Total and Forte Oil. Today, two of them have been replaced while another has announced plans to leave the sector.
Yomi Awobokun and the rise of Enyo
Enyo’s Managing Director, Yomi Awobokun has been described as a maverick by some industry analysts due to his decision to do things differently.
Awobokun is a product of the University of Ibadan, where he obtained a BSc in Pure and Applied Mathematics, and the University of Surrey, UK, where he obtained an MSc in International Business. He is also a 2017 Archbishop Desmond Tutu Leadership Fellow.
Prior to starting Enyo, Awobokun had extensive experience working at the downstream retail arm of indigenous oil giant, Oando for over a decade. His rise at Oando is the stuff of Grass to Grace stories. From an IT officer, he rose to the highest echelons of the oil giant
He became the CEO of Oando’s Downstream Businesses in Nigeria, West Africa, Europe and the Middle East in 2011 and stayed in that position for five years, overseeing an annual turnover of over $1bn. In 2015, he grew the business to 15% of the private sector supply of refined products in Nigeria.
In June 2016, Oando’s major shareholders sold 60 per cent of the giant’s downstream stakes to a joint venture owned by Helios Investment Partners and the Vitol Group. The newly-formed company was called ‘OVH’ and it automatically became Oando’s successor as the largest indigenous downstream player.
Awobokun eventually left Oando and established Enyo as a start-up in 2017. He decided to focus on customer satisfaction through trust and innovative deployment of technology.
Enyo has received substantial investment from the Yinka Folawiyo group, the company’s largest shareholder. Tunde Folawiyo is currently the chairman of the board.
Enyo’s primary business is the sale of petrol, diesel, and other petroleum products via retail stations and innovative delivery processes that incorporate technology. This also includes its business to business services whereby the company provides solutions for businesses that seek to optimize their power needs- across their corporate fleet, offices and/or site installations.
A trip to an Enyo filling station by Today’s Echo’s correspondent confirms the company’s practice of applying technology in its operations. Colourful signboards bearing slogans espoused by the company are strategically positioned within the station. These include ‘FuelledByTrust’ and ‘Our litre is a litre’
The fuel pumps at the filling station look unique, compared to what obtains in most other stations around Lagos. A fuel attendant told the curious correspondent that the pumps are not the usual ones in Lagos but were built to eventually become self-servicing terminals.
The correspondent ended up having a chat with the Manager of the station, who revealed to Today’s Echo that Enyo is set to launch out self-service fuel pumps within the next one month. If Enyo goes ahead with this ground-breaking initiative, it will be the first company in Nigeria to do so.
According to the manager, the initiative will be launched with a pilot on one of its filling stations along the Lekki-Epe Expressway.
“We are starting with one of our filling stations nearby. When the self-service station is launched, customers can drive in at any time, pay via POS and serve themselves,” the Manager told our correspondence.
When asked how the company plans to protect the pumps from thieves and vandals, the manager replied that the Enyo will ensure adequate security, which will include CCTV cameras, among other things.
Besides its fuel retailing, Enyo has five other businesses
The first is called VEHICON. It is a vehicle maintenance and repair outfit, providing services like oil changes, tune ups, filter replacements, safety inspections, emissions inspection repair, windshield wiper blades, fluid services, trip inspections, tire services, engine services, and maintenance inspections. VEHICON operates from Enyo’s retail stations
The second business is Enyo’s gas subsidiary; Superior Liquified Gas (S.R Gas), which the company believes will boost the switch of families from kerosene and firewood to clean Liquefied Petroleum Gas(LPG). S.R Gas also operates from ENYO retail stations and participating retailers.
The third is its lubricant business, which sells Castrol; a premium lubricant for automobiles and motorbikes, produced by British Petroleum (BP). According to BP, Castrol lubricants are trusted for their high performance and quality by manufacturers, drivers and riders
The fourth business offering is REELAX, a lifestyle space offering a variety of outlets, ranging from coffee shops, convenience stores to members lounge with free Wi-Fi amongst other offerings. RELAX is a regular feature of all Enyo retail stations.
The last component as observed by Today’s Echo, is Enyo’s technology-enabled Diesel supply business, Diesel2Door. It is a quick, flexible and convenient way to order and pay for automotive gas oil (diesel). Enyo has deployed a mobile app, via which customers can order their products and get them delivered.
Technology, Innovation and expansion
What really sets Enyo apart from other entities in its sector is the way it does its business, especially in its innovative deployment of technology to satisfy customers and gain their trust. Enyo has analysed some of the greatest problems in fuel retailing and has decided to help solve them. People don’t trust anymore that the fuel they bought is the correct measure they paid for. Also, people are not sure anymore if the product they paid for is exactly what they get due to adulteration of fuel. It is sad that even some established retail outlets still sell adulterated or incomplete fuel measures today.
To help fuel retailers solve these problems, Enyo is promoting a solution to reduce fuel losses, lower operational costs and deliver savings, thereby helping to improve profit margin for fuel retailers. Enyo is deploying this amazing technology for other retail outfits in the industry.
“Our business dashboard provides an array of services, including continuous insights into operations, revenue, cost, stock and expense monitoring,” Yomi Awobokun once said during a business retreat in 2018 at the CC Hub in Yaba, Lagos
To achieve this, the company collates data on market trends, environmental changes, political and social implications, competitor activities and consumer preference and present to clients.
To further institutionalize trust in the downstream petroleum industry, Enyo has embarked on a special campaign called ‘FuelledByTrust’. According to Awobokun, it is an Enyo ‘1 litre is 1 litre’ initiative targeted at ensuring consumers are provided with their products value worth.
Do not be surprised to drive out the next time and realize your neighbourhood petrol station has been rebranded into the blue colour of Enyo. This is because Enyo has embarked upon a rapid expansion that has resulted in the young company currently distributing over 1% of the national consumption of fuel consumed in Nigeria.
Enyo’s expansion drive has involved the acquisition of some filling stations from other outfits. In January 2019, Enyo announced that it had invested N8 billion in Nigeria’s downstream petroleum sector. With 56 retail stations across 13 states Nigeria and 17 filling stations under construction, this emerging giant is poised to play a significant role in Nigeria’s downstream sector.