Determined to diversify its operations, one of Nigeria’s leading dealers in the downstream sector, Fatgbems Group, has announced plans to diversify into agriculture and other businesses.
The company announced this recently in Lagos at the unveiling of the new Chief Operating Officer of Fatgbems Group, Mr Ayodele Odulaja.
Speaking at the event, the new COO, Odulajaa, said, “Fatgbems has undergone a lot of metamorphosis and today, we have restructured the company in such a manner that Fatgbems will not be seen as being in tyre business or just being in downstream oil and gas. But we have also diversified our business to include agro-allied,”
Explaining the reason behind the expansion, he said, “We are going into agricultural space. Some time ago, former Minister of Agriculture and now President of the Africa Development Bank, Dr Akinwunmi Adeshina said that by 2030, the agricultural business in Africa will be a trillion dollar.
“We put our heads together and came up with an agro-allied part of our business. There we would be processing agricultural products and making them available for export.”
According to Odulaja, this would not only diversify the company’s income but guarantee an inflow of forex into Nigeria’s economy and reduce pressure on our local currency.
“There will also be Fatgbems Property. We have several properties across the South-West Nigeria. Of course, we house some household names in terms of fast food. We provide accommodation and some sort of real estate services to this company. So, we will also be leveraging on that aspect of business, grow it, and alleviate the housing deficit challenge we have in Nigeria,” Adelaja added.
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