Florence Petroleum targets 150 filling stations nationwide by December 2027

Florence Petroleum Ltd. says it is targeting 150 operational retail outlets nationwide by Dec. 31, 2027, as part of efforts to expand its presence in Nigeria’s downstream petroleum sector.

The company said it had signed franchise agreements for 21 retail outlets, with 10 already branded under its network.

In a statement on its expansion strategy, Florence Petroleum said the initial rollout would serve as a pilot phase to test its franchise model, assess operational performance and strengthen its processes before nationwide expansion.

The company had initially targeted between 100 and 150 stations by December 2026 but revised the timeline to 150 operational outlets by the end of 2027 following a review of its implementation schedule.

It said commencement of operations at the outlets was subject to obtaining the necessary licences from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Under the franchise arrangement, independent filling station owners would bring their existing facilities into the Florence Petroleum network, while the company would supply Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), with emphasis on petrol.

The arrangement would also introduce uniform branding, sales monitoring and financial control mechanisms across participating outlets.

The company explained that it would retain ownership of petroleum products supplied to franchise outlets until they were sold to customers at the pump.

It added that daily sales reconciliation and remittance arrangements would be implemented to ensure accountability and sustain the working capital required for regular product replenishment.

Florence Petroleum said it would also deploy sales representatives to participating stations to monitor transactions, support reconciliation and ensure effective oversight of operations.

The company’s Chairman and Managing Director, Dr Okechukwu Henry Obi, is leading the expansion strategy, which seeks to increase market coverage through partnerships with independent filling station owners.

According to the company, the long-term plan is to establish a presence across Nigeria’s 36 states and the Federal Capital Territory.

It said the pace of expansion would depend on the identification of suitable outlets, regulatory approvals, reliable product supply and compliance with its operational standards.

The company noted that the pilot phase would provide an opportunity to evaluate the effectiveness of its supply, sales monitoring and payment systems under actual market conditions.

Florence Petroleum expressed optimism that the successful implementation of the pilot would provide the operational foundation for achieving its target of 150 retail outlets by December 2027.

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