Fatgbems a prominent player in the nation’s downstream oil sector has announced a restructuring which will transform the company into a Holding company and a Conglomerates with diverse interests in Petroleum Marketing, Automotive Services & Tyre Trade & Marketing, Agro-Allied, and Real Estate.
Speaking , at a media interactive chat on Tuesday in Lagos, Mr. Ayodele Odulaja, the Chief Operating Officer, COO of the Company explained that Company’s journey began on January 22nd, 1986, with the establishment of Fatgbems Nigeria Limited, a visionary move to cater to the surging demand for Tyres, prompted by the remarkable growth of the global automobile industry, especially in Nigeria.
He added that by 2009, Fatgbems had achieved a remarkable milestone by becoming the top distributor of Michelin & Dunlop tyres in Nigeria. This accomplishment, he said, earned the company recognition and honor at the UBA Annual General Meeting of 2009, where “we were celebrated as one of the bank’s most valued customers. It was a testament to our unwavering commitment, dedication, and exceptional service.”
According to him: “building on the success and experience of Fatgbems Nigeria Limited, we expanded our horizons further by venturing into the petroleum industry. In 1994, Fatgbems Petroleum Company Limited was established.”
“This strategic move allowed us to leverage our expertise in marketing and distribution to play a pivotal role in the petroleum sector. Today, Fatgbems Petroleum Company Limited stands as a leading player in the Nigerian petroleum industry, delivering high-quality petroleum products and services to meet the energy needs of our nation.”
Odulaja maintained that the journey from a tyre distributor to a diversified conglomerate is a “testament to our resilience, commitment to excellence, and unwavering dedication to customer satisfaction.”
He announced that: “in our pursuit of growth and innovation, we embarked on a transformative journey by diversifying into: Fatgbems Petroleum Company Limited; Fatgbems Nigeria Limited; Fatgbems Properties and Agro-Allied Company Limited”
In the agricultural sector, Odulaja maintained that: “our mission is to specialize in Cashew Production and Cashew Processing, catering to the domestic market and facilitating exports within the African region.”
“This initiative is a testament to our commitment to sustainable development and our dedication to contributing to the growth of Nigeria’s economy.”
He added that Fatgbems Agro-Allied is a company that is committed to fostering sustainable agricultural development in Africa and commences with Cashew Production and Processing.
“Since our inception, we have remained dedicated to cultivating and processing high-quality cashew nuts. Our mission is to process approximately 100,000 metric tons of cashew nuts annually, promoting local production and export across African countries such as Nigeria, Benin Republic, Cote d’Ivoire, and Tanzania,” he said.
Odulaja disclosed that: “to further strengthen local production, we have acquired approximately 250 acres of prime agricultural land in the State of Ogun, Nigeria. This land will be instrumental in realizing our vision of bolstering cashew farming in Nigeria and contributing to the nation’s agricultural landscape.”
“In alignment with our vision, it is important to note that Nigeria is the second largest producer of raw cashew nuts (RCN) in Africa, after Cote D’Ivoire. As of February 2023, the annual production of cashew nuts in Nigeria stood at 300,000 metric tons. Fatgbems Agro-Allied is poised to play a significant role in enhancing this figure and boosting Nigeria’s position as a key player in the global cashew industry,” he added.
Another arm of the group is the Fatgbems Properties, which Odulaja said is committed to creating exceptional living and working spaces. The company according to him:
“Is poise to spread across major industries and in the Nigeria with growing need for affordable homes and large industrial layout.”
“Fatgbems properties will be launching into the properties and value industry with one the most modern technology that will close the huge gap between technology and the property industry in Nigeria. We develop and manage properties that meet the highest standards of quality and comfort.”
The COO however maintained that: “at the heart of our group lies Fatgbems Petroleum Company Limited, a leading player in the Nigerian petroleum industry downstream.”
Fatgbems Petroleum Company Limited is a member of Fatgbems Group of companies, incorporated as an independent petroleum marketing company under the late founder and first Chairman, Alhaji Fatai Gbemisola in November 1994.