Mizar Energies, a subsidiary of Mizar Eridanus Holdings Limited, has launched its foray into Nigeria's fuel retail market with the opening of its first outlet at Km 45, Badagry Expressway, Lagos. The location was chosen for its strategic importance, being one of the busiest corridors in Lagos, with a steady stream of commuters, commercial buses, and heavy haulage traffic. According to Benjamin Ekwebelam, group chief executive officer of Mizar Eridanus Holdings Limited, the company aims to differentiate itself through verified fuel quality, accurate dispensing, and reliable product availability.
The decision to venture into direct retail comes after years of sourcing, trading, storing, and moving petroleum products. Ekwebelam stated that the company has matured to the point where it can keep a station consistently stocked, and with deregulation opening the market to efficient operators, the time was right to start. Mizar Energies' retail outlet promises to offer customers a reliable and trustworthy experience, with honest measure, product reliability, and availability being key priorities.
To guarantee product integrity from depot to pump, Mizar Energies has implemented a robust quality-assurance and calibration system. The company sources products only from licensed depots and refineries, with every consignment accompanied by quality documentation. Trucks are sealed at loading, and seals are checked on arrival before discharge. The product is then sampled and tested on receipt, and not released into tanks until it passes.
Mizar Energies has also designed controls to address recurring complaints of adulteration and short-dispensing. The company has implemented sealed deliveries, testing on receipt, and retained samples to prevent adulteration, while calibration, regular verification of every pump, and daily reconciliation between tank stock and metered sales ensure accurate dispensing. Ekwebelam emphasized that integrity is built into the system, not left to good intentions.
The company plans to expand its retail network nationwide, starting with Lagos and the South-West, and then extending along major trade and commuter routes. While Mizar Energies is not publicly committing to a specific number of stations, Ekwebelam stated that each site will have to earn its place based on its own economics, and the company will prioritize growing at a pace that protects its standards.
Mizar Energies' expansion plans will involve a mix of organic growth, acquisition, and potential partnerships. The company will consider acquiring or leasing existing stations, as well as greenfield builds, where strategic locations are available. A dealer or partnership model may also be explored in the future, but only once Mizar Energies' standards, systems, and training are mature enough to be enforced at sites not directly operated.
The rollout of Mizar Energies' retail network is expected to be completed over the next 12 to 24 months, with the company prioritizing traffic and supply in its sequencing. The company will first consolidate in Lagos and along routes connecting it to the rest of the South-West, before expanding to other regions. With its focus on quality, reliability, and customer trust, Mizar Energies aims to establish itself as a major player in Nigeria's fuel retail market.
Key points
- Mizar Energies' focus on verified fuel quality, accurate dispensing, and reliable product availability sets it apart from competitors in Nigeria's fuel retail market.
