Dr. Mike Adenuga
Conoil Plc has introduced a new dimension to the distribution and marketing of lubricants and domestic gas to mechanic workshops and homes.
The concept, according to a statement released by the company, was aimed among several benefits, at improving the delivery of lubricants and cooking gas to the doorsteps of customers on real-time basis and at affordable prices.
The new initiative, simply known as COSA (Conoil Services Associates), guarantees product availability through branded motorcycles and tricycles.
Through COSA, the first of its kind in petroleum products distribution and marketing in the continent, the volume of the company's lubricant sales is projected to increase by over one million litres in one year.
Another value addition of COSA to retailers, and invariably end consumers, is reasonable reduction in price.
COSA is also designed as the company's corporate social responsibility as it is expected to create hundreds of employment opportunities and promote entrepreneurship among fresh graduates.
"COSA will create direct and indirect employment opportunities and reduce unemployment rate in Nigeria”, the company said.
Conoil recently announced plans to invest N1.5 billion to re-invigorate the totally deregulated and high margin-yielding lubricant business over a four-year period with projected revenue of N33 billion over same period.
Towards achieving this projection, the company upgraded its filling lines at its Apapa plant and constructed new ones in Port Harcourt and Kano to generate additional volumes.
The Chairman of the company, Dr. Mike Adenuga, at its last annual general meeting (AGM) promised shareholders that the company would continue to invest in initiatives that would offer new choices to customers and also consolidate Conoil’s dominant position in the downstream petroleum sector.
“We will consolidate and re-establish our commanding presence in retail business, lubricants, aviation, liquefied petroleum gas and specialised products,” Adenuga assured shareholders.
Conoil has always been in the forefront of introducing initiatives targeted at providing satisfaction for customers. Its award-winning lubricant brands, Quatro and Golden Super Motor Oil, are formulated to industry world set standards for automobile and industrial machines’ engines.
The company also introduced into the market, a brand of engine oil called Okada Golden Super, which is manufactured specially for 4-stroke motorcycles and tricycles, as well as Quatro Heavy Duty generator oil.