By Felix Khanoba
One of the leading conglomerates in Nigeria, Jamub Group, has expressed its readiness to roll out petroleum retail outlets in the country within the next one year.
The Chief Strategy Officer of Jamub Group, Mr Olugbenga Ashiru, told The AUTHORITY in a chat in Abuja that the involvement of the company in the downstream oil and gas sector, would help meet the real needs of the people in product/service delivery.
“We are going into filling stations-retail outlets very soon. Let me say in the next six months to one year we will start up with that and we are going to give a kind of class, it is going to be distinct…
“We are going to acquire retail outlets, we are going to do retailing in terms of diesel supply to the estates around at affordable prices to beat competition,” he said.
While saying the downstream sector has remained one of the challenges in Nigeria, Ashiru said the rebranded Jamub Group would bring in its experiences and successes in different sectors of operation to the downstream business, even as he threw his weight behind deregulation.
He said: “We are going into the downstream at this point of time, and the downstream is going through serious challenges; you could see what is going on, the last increase in petrol price. Petrol is a product everybody uses. In Nigeria today we have not gotten to the stage that our cars can be using gas.
“Going forward, we see the future of Nigeria as deregulation. Why we are having this challenge is because petrol (Premium Motor Spirit) is a product that is still being regulated by the Federal Government.
“If in the future full deregulation comes on board, you are going to find out that we will be buying the product cheaper. It will get to the stage that if I can source for petrol and sell for N80 and I want to make a turnover, if you sell your own at N120 you won’t get anybody to buy from you.”
Speaking further, Ashiru said Jamub Group, which is into construction, real estate, oil and gas, pharmaceutical, consultancy, among other sectors, remains the only major indigenous company without an expatriate staff.
“There is something distinct about the Jamub Group, today we are 100 percent local. Local in the sense that we patronise local content. Jamub is the only conglomerate of business in Nigeria as big as we are that does not have a single expatriate working for us.
“We believe so much in capacity building that whatever skills an expatriate has to come and work in Jamub, we will send out a Nigerian to go and learn the skill abroad and bring him back,” he said.