Pinnacle Oil’s ultra modern petroleum products facility worth $1 billion was declared open for business on Saturday, October 22,2022 by the President of Nigeria, Muhammadu Buhari and the governor of Lagos State, Mr Babajide Olusola Sanwo-Olu.
The petroleum products intake, offtake and storage facility conceptualized to revolutionize the Nigerian downstream oil and gas industry by Mr Peter Mbah, the CEO of Pinnacle Oil and Gas FZE comprises of 1.300million litres of refined petroleum products storage for petrol or premium motor spirit (PMS) as well as Diesel or Automative Gas Oil (AGO).
President Muhammadu Buhari in his visual message at the inauguration of the facility said the berthing of Pinnacle Oil and Gas terminal will ease the congestion and cost of fuel distribution at the Apapa seaport. He said “We have recognized that the seamless supply and distribution of petroleum products is challenged by infrastructure deficit and complicated by the congestion at the Apapa areas of Lagos since the start of our administration in the year 2015.
“We provided targeted support to the energy industry by providing an enabling environment, including regulatory facilitation, to ensure investment in critical infrastructure. I am happy today that Pinnacle Oil and Gas limited leveraged the opportunities and established this massive terminal facility.”
The host governor, Mr Babajide Olusola Sanwo-Olu, the governor of Lagos State, while commending Mr Peter Mbah for embracing and keying into the vision of the state of providing conducive and enabling environment for businesses to thrive by establishing the terminal in Nigeria’s most active and vibrant Free Trade Zone – Lekki Free Trade Zone, said Pinnacle Oil and Gas has joined many other organizations that believe in the “vision, commitment and enduring spirit of excellence that Lagos State is known for”.
The Deputy Managing Director of Lekki Free Trade Zone Development Company, Mrs Bolatito Ajibode extolled the can-do-it spirit and determination of Pinnacle Oil and Gas by being one of the businesses using the free zone’s facilities for both import and export of their products across West Africa and cementing Lagos’ place as the prime hub of commerce and logistics in West Africa. She opined that with the new terminal, Pinnacle Oil and Gas “has opened up the Oil and gas business of Lekki Free Zone Development Company”.