Meet Nigeria’s Top 10 Petroleum Depot Owners Giving Dangote Refinery a Run for Its Money
- Apart from the Dangote Refinery, which now occupies a central place in Nigeria’s oil sector, there are other top players
- The list of top industry players in the oil sector spans across Nigeria’s geopolitical zones
- From billionaires and a sitting governor, these depot owners battle the mega Dangote Refinery for a share of the petroleum product market in Nigeria
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
While Dangote Refinery dominates headlines, the real lifeline of Nigeria’s petroleum supply often rests in the hands of independent depot owners.
These players store, distribute, and move millions of litres of fuel daily, ensuring petrol stations and the economy keep running.
Source: Getty Images
From Lagos harbours to Calabar Free Trade Zones, they compete fiercely for market share, influence, and strategic advantage.
They also control depot prices in Nigeria, shifting the dynamics of fuel pricing in Nigeria's volatile petroleum sector.
MRS Oil Nigeria Plc
Sayyu Dantata, a relative of Aliko Dangote, runs one of Nigeria’s most influential oil companies with global reach. His vision blends aggressive retail expansion with tech-driven service.
Capacity & Reach: Over 150 million litres of storage in Lagos; integrated jetty operations.
Notable Moves: Rolled out a fuel-card system and expanded its nationwide station network after delisting from the NGX in 2025.
Matrix Energy Group
Founded by Ibrahim Akinola, Matrix has transformed from a modest fuel supplier into a major LPG and refined products distributor.
Capacity & Reach: Warri terminal holds 150 million litres; 5,000 MT LPG capacity.
Notable Moves: Growing foreign supply deals while strengthening its LPG market access.
Prudent Energy Ltd
Abdul Wasiu Sowami is known for building Prudent Energy into a disciplined, logistics-focused powerhouse.
Capacity & Reach: 54 million litres of storage in Oghara; large tanker fleet.
Notable Moves: Maximising near-full monthly capacity with new barges and expanded marine operations.
Rainoil Limited
Gabriel Ogbechie’s self-made success story runs through over 210 fuel stations nationwide.
Capacity & Reach: 150 million litres across three depots; 300+ truck fleet.
Notable Moves: Ten new petrol stations and LPG plants added in 2025.
AA Rano Nigeria Limited
Auwalu Abdullahi Rano, nicknamed “AA Rano,” is celebrated for his meteoric rise from small-scale trader to fuel magnate.
Capacity & Reach: 10,000 m³ LPG terminal at Ijegun Waterside.
Notable Moves: Expanding LPG reach across northern and southwestern markets.
Pinnacle Oil & Gas Limited
Enugu State Governor Peter Mbah built Pinnacle into a major fuel logistics innovator before entering politics.
Capacityy & Reach: 300+ million litres capacity at Lekki Free Trade Zone.
Notable Moves: Offshore discharge system slashes vessel delays and demurrage.
Northwest Petroleum & Gas Co. Ltd
Dame Winifred Akpani is among Nigeria’s most influential female oil executives, pioneering private crude lifting.
Capacity & Reach: 97 million litres in Calabar FTZ.
Notable Moves: Expanding LPG retail while operating at full capacity.
Bovas Company Limited
Victoria Samson’s company is respected for fair pricing and operational integrity.
Capacity & Reach: 62,000 MT combined depot capacity in Lagos.
Notable Moves: Growing retail network with a strong focus on southern supply resilience.
Masters Energy Oil & Gas Ltd
Peter Uchechukwu Mba's enterprise blends petroleum marketing with lubricant blending and LPG retail.
Capacity & Reach: 158 million litres of storage across three cities.
Notable Moves: Rolling out 50 new LPG outlets and negotiating cheaper import deals.
Mainland Oil & Gas Co. Ltd
Chris Odinaka Igwe is a philanthropist-entrepreneur with deep ties to the South-South oil economy.
Capacity & Reach: 65 million litres depot in Calabar FTZ.
Notable Moves: Expanding LPG operations in oil-producing states with CSR-driven projects.
These ten depot owners are not only fuelling Nigeria’s economy, they are quietly shaping its energy future.
Source: Getty Images
Their operations, investments, and strategies will determine how the country’s petroleum sector competes locally and globally in the years ahead.
Dangote Refinery adds 15 new fuel distribution partners
Legit.ng earlier reported that Dangote Refinery has said that many oil marketing companies have joined its growing list of fuel distribution networks.
The refinery disclosed in a statement on Tuesday that the companies include TotalEnergies, Garima Petroleum, Sunbeth Energies, Sobax Nigeria Limited, and Virgin Forest Energy.
Others are Sixxco Oil Ltd., NU Synergy, and Soroman Limited.
Source: Legit.ng
