Obateru Akinruntan’s 200-Station Obat Oil Expansion Drive

In Nigerian business, few titles carry the weight of both a beaded crown and a fuel pump. Oba Obateru Akinruntan, the Olugbo of Ugbo Kingdom, wears both.

He founded Obat Oil in 1981. Now led by his son, Akinfemiwa Akinruntan, the company is pursuing the most ambitious national expansion. The goal is 200 new retail stations, accelerated through a novel franchising model to ensure scalable growth.

This retail push is backed by serious infrastructure. At present, the company operates a 65-million-litre tank farm and a private 160-meter jetty in Apapa. This backbone provides a strategic advantage in a post-subsidy market defined by logistics.

Technology is another plank. The firm has implemented enterprise digital systems for real-time visibility from depot to pump. The point of this is to enhance the efficiency and integrity of the supply chain.

Simultaneously, Obat is making a pivot toward cleaner energy. It is investing in LPG and Compressed Natural Gas infrastructure, with pilot projects in Ondo and Ogun States. Commercial operations are targeted before the end of 2026.

The strategy acknowledges a shifting landscape. The rise of the Dangote refinery and the removal of subsidies have reshaped competition. Obat’s response is to double down on physical assets and forward-looking energy solutions.

For a company founded by a monarch, this expansion is more than a business plan; it is an extension of the legacy. It blends the traditional authority of a king with the modern imperatives of a competitive energy market.

The journey from a single outlet to a nationwide network mirrors a classic Nigerian story: ambition built on tangible assets, familial succession, and an eye on the next horizon—where the pump of tomorrow might dispense gas, not just gasoline. This is Obat Energy’s storyline, one that is unintentionally inspirational.