Nigerian economy has bright prospects- Adenuga

Chairman, Conoil Plc, Dr. Mike Adenuga, has said Nigerian economy has intrinsic value-adding potential that would create future opportunities for growth and returns on investment.

In his address at the 45th annual general meeting of the oil firm at the weekend in Uyo, Akwa Ibom State, Adenuga assured that in spite of the myriad of problems confronting the downstream sector of the oil industry, Conoil has been positioned to reward shareholders with better returns on their investments in the years ahead.

He said the future of the company was bright and secure, while also predicting a brighter future for the nation’s economy.

“Our company’s long term future is assured beyond any doubt, conscious efforts will be directed at achieving better execution, especially in the areas of marketing and customer management. Greater attention would be devoted to cutting costs of operations in the different segments of the company’s business, while maintaining and improving on the quality of its products and services,” Adenuga said.

He explained that the operating environment last year was very difficult for operators in the downstream sector as they relied mostly on importation of petroleum products to meet domestic demands due to lower output from the local refineries. This, he stated, came at a high cost due to depreciation value of the naira and high bank charges.

Reiterating the challenges all major marketers are battling with, Adenuga highlighted that N264 billion, as at the end of last year, was outstanding subsidy claims, adding that it also comprised of foreign exchange differentials and bank interests.

As part of the strategy to shore up its bottom-line, the Chairman revealed that the company would consolidate its leadership position in the lubricant market by offering bouquet of quality lubricants to consumers as well as building new production lines to increase capacity.

“As the leader in the aviation jet fuel market, we are boosting our fuel dispensing capacity by acquiring additional state-of-the-art bowsers to meet the growing list of our local and international clientele of airlines,” Adenuga said.

He also assured shareholders that the firm would remain committed to its goal to be in the forefront of refined petroleum products marketing with double-digit growth. He promised that the company will leverage on its well-established distribution strength, bringing delightful innovations into marketing and distribution of its products by giving greater value to its teeming customers and shareholders.

He praised the company’s workers and urged them to continue to move the company forward, noting that a performance driven culture, engendered by improved and structured management system has been established by the company in all areas of its business.

“As we look forward to our employees’ unrelenting dedication to our corporate goals, we will continue to give priority to their professional fulfillment, their work-life balance and their ability to contribute equally as part of a diverse workforce,” Adenuga assured.

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