Chugon Oil Invesment Limited

Company Overview

The company which was incorporated in 2002 for the purpose of doing business in the following areas namely: construction, exporting and marketing of petroleum products, export of recycled metals such as lead plates from scrap batteries did not commence business until August 2012 due to financial and logistics constraintsHowever the company is poised to be an eventual key player as an investment company with diversified interest in construction, export of recycled metals and the downstream sector of the oil and gas industry. To achieve these objectives the company has gone ahead to acquire land in Ekiti and Ebonyi state where they possess comparative advantage of the local population with the added fact that some of its key personnel are already domiciled in those locationsThe company has also concluded plans to partner with already established civil engineering consortium in order to effectively be part of the ever increasing construction market in developing economy such as is obtainable in NigeriaDesirous of joining the emerging non-oil foreign exchange earners, plans have been concluded for the successful construction of a modern day smelting company in the Ikorodu and Ogijo area of Lagos and Ogun states respectively. To actualise this, the company has been actively engaged in the export of lead plates from scrap batteries to Spain and South Korea respectively. Necessary licences and permit has been obtained from the Nigerian Export Promotion Council and the Federal Ministry of Environment respectively. And shipping has already commenced in earnest.Financial ProjectionsDue to the fact that the company has been hamstrung for all these years by lack of adequate capital to fulfil all its desired objectives, there is serious and intensive effort to pool resources together and increase the directors portfolio in order to attract enough collateral to qualify for financial capital injection from the relevant banks such as Nigerian Export Import Bank, Bank of Industry and selected commercial banks that can be able to help in the export sector of our industry. StaffingIn order to meet up our objectives and fulfil our roles in the economic build-up of our country the company has through its directors pulled together a team of seasoned and experienced technocrats and professionals with experience in its key area of operation namely: Construction, Export of Lead Plates from scrap batteries, Export and marketing of petroleum products. We therefore have three main divisions as a way of effectively harnessing our potentials for effective and purposeful investment criteriaExport Division The recent clamour for diversification of foreign exchange earnings away from our over dependence on oil, also to help reduce the effect of pollution through the uncontrolled dumping of hazardous goods. We have decided to go into the area of recycling lead scrap batteries.These not only help eliminate the issue of environmental pollution but can also be used to earn foreign exchange. Plans have been concluded on the successful take off of an ultra-modern smelting company in the Ikorodu area of Lagos state. Since our take off in 2012 we have a temporary site in Delta State Industrial Complex situated off Old Ojo road in Agboju Amuwo area of Lagos state.We did our initial export to Spain and early this year to South KoreaPetroleum SectorPlans have been concluded to acquire petrol stations in Ekiti and Ebonyi States and we are waiting for the necessary funds from the banks and the prospects are high. These two states suffer perennial fuel shortage and our presence will be welcome in a market already in need of our proposed servicesConstructionPlans are at an advanced stage to partner with the Federal Housing Authority in the provision of housing for different levels of income earners in the country.Conclusion We believe that as soon as we access the necessary capital injection our company will add impetus to its operation