The Oil Trading Logistics (OTL) Africa Downstream, a pivotal event in the downstream sector, gathered industry stakeholders and operators for its 2023 edition held in October.
Mr. Adetunji Oyebanji, Chairman of OTL 2023, provided insights in a post-conference media briefing held in Lagos in collaboration with the Major Oil Marketers Association of Nigeria (MOMAN). The review focused on Nigeria’s prime downstream event, recognized beyond national borders.
In his reflection, Oyebanji emphasized the importance of post-event analysis to identify areas for improvement, stating, “For those interested in the industry as key stakeholders, it is important for us to throw a bit of postmortem to look back and see what went wrong and what can be improved on in the future.”
Expressing satisfaction with the event’s participation and media coverage, he commended the press for its support, stating, “Overall, we had a successful event, judging by participation and exhibition, particularly the collaboration and support that we enjoyed from the Nigerian Midstream and Downstream Regulatory Authority (NMDRA).”
Highlighting the significant collaboration demonstrated this year, Oyebanji acknowledged the Authority’s commitment to the industry’s growth, drawing parallels with the cooperation seen in the banking industry under the Central Bank of Nigeria (CBN). He praised Ahmed Farouk, the Authority Chief Executive, for attending the event and demonstrating a thorough commitment to industry development.
Oyebanji stressed the importance of joint efforts between regulators and industry operators, appreciating the Authority’s cooperation. He thanked sponsors and emphasized the crucial role of organizations’ participation, representing various value chains, including DAPMA, MOMAN, PETROAN, IPMAN, and others, making it an all-encompassing downstream event.
Looking to the future, Oyebanji expressed optimism for improvements and emphasized the need for ongoing collaboration, stating, “My vision is that we will continue to have this kind of regular ongoing conversation with the Authority and all other areas.”
Addressing journalists, Oyebanji highlighted a key message from OTL regarding the Petroleum Industry Act (PIA). While acknowledging its passage, he emphasized the need for further actions to achieve a free, transparent, and competitive market. Oyebanji noted challenges such as a single supplier for Premium Motor Spirit (PMS) and underscored the importance of competition throughout the value chain.
The event also shed light on the evolving landscape of energy transition, with a focus on renewables and alternative energy sources, showcasing the industry’s commitment to adapting to global changes.
OTL 2023: Oyebanji Commends Media Coverage, Highlights Key Industry Developments
ByHyacinth Beluchukwu Nwafor
Nov 13, 2023
Hyacinth Beluchukwu Nwafor
Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.