[Goddey]

December 11th, 2007 Filed Under Stock Market News

By Tunde Brown
The need to stay competitive and retain market share, if not expand it, remains one of the focal issues in organizations across industries. The first decade of the 21st century, within the Nigerian business environment, has seen so much of proactive measures on both the side of the players and the regulators.
Nigeria’s first indigenous petroleum marketing company to be quoted on the Nigerian Stock Exchange, Afroil, recently completed the first phase of its expansion programme. The company, whose stock emerged leader in the petroleum marketing sub sector in terms of capital appreciation this year so far, took delivery of fifteen customized tankers to carry out the planned aggressive marketing of petroleum products. It as also added three new petrol service stations under its direct management, while establishing third party bulk trading partnerships with six other retail outlets.
Afroil’s chief. Alhaji Isiaka O. Sanni, explained that the acquisitions and partnerships were part of a strategic move to save cost of operation, reduce delivery price, ensure a better loading schedule to ultimately benefit customers through competitive pricing.
The share price of Afroil opened this year at 34 kobo, peaking at an all time high of N9.19 k in the year till date, and closing N6.51k as at December 10th 2007.