Retail entrepreneur Abayomi Awobokun has turned his passion into a career with the launch of a fuel delivery startup, DANIEL ESSIET reports.
AN entrepreneur, Abayomi Awobokun, knows how to take advantage of opportunities. For him, technology-enabled productivity growth could help reduce the burden while improving the quality of services as well as boosting long-term growth prospects.
Driven by this understanding, he decided to pursue his dream by setting up Enyo Retail and Supply Limited, a customer-focused, technology-driven fuel retailing firm, after working in a retail business for more 10 years.
Addressing a breakfast meeting for tech entrepreneurs and key industry experts at Co-creation Hub (CcHUB) in Yaba, Lagos, Awobokun said retailing petroleum products required a huge capital outlay for infrastructure and procuring products. Critical success factors will include cutting costs and running an efficient operation.
Having seen the rate of fuel margins being squeezed yearly and the value of fuel losses increasing, he said his organisation in collaboration with E360 Africa Limited, is promoting a solution to reduce fuel losses, lower operational costs and deliver savings, thereby helping to improve profit margin for fuel retailers.
Poised to challenge some of the key tenets of the fuel retailing industry, he said ENYO Retail was founded on the premise that the customer is the most important factor in service delivery.
He said: “We specialise in the implementation of end-to-end secure business technology solutions readily accessible to both operators and business executives. Our business dashboard provides an array of services, including continuous insights into operations, revenue, cost, stock and expense monitoring.”
To achieve this, the company collates data on market trends, environmental changes, political and social implications, competitor activities and consumer preference and present to clients.
According to him, the business is designed to optimise business operations and profit margins, ensuring effective management of fuel business.
He said: “Technology combines oil sensing, forecourt analytics and pump integrity management to ensure accurate volumes are dispended to customers, improves supply chain planning and provides real time inventory management. It allows for integration to banks to boost financial planning and management.”
He said the technology represents the future of fuel retailing, helping fuel stations to manage the retail business more effectively by giving visibility and control.
Already, he said stations involved in retail fuel business have the solution to assure them of high returns on investment (RoI) while not being left behind in this challenging sector.
He said the downstream segment of the oil sector holds promise of increased opportunities for local small and medium enterprises (SMEs).
The Chief Executive, CC Hub, Bosun Tijani, said the technology will continue to be one of the biggest opportunities for entrepreneurs and investors.
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