Loto Oil Nigeria Ltd has appointed Dr. Kingsley Okundaye, a United States of America-based business entrepreneur and corporate enabler, as its Chairman.
The announcement was contained in a statement released by the company’s General Manager, Finance & Administration, Isaac Arokun at the weekend.
According to the statement, Chief Loto Amehinola remains the Managing Director and Chief Executive Officer of the business entity.
Dr. Kingsley Okundaye is a graduate of Accounting and Psychology with over 40 years’ experience in corporate operations and management in the public and private sectors, both in Nigeria and the United States of America.
He began his professional career with the Nigerian Cocoa Board, Ibadan as an Accountant. Dr. Kingsley Okundaye worked as District Manager Winchells, Area Marketing Supervisor with Arco Oil and County Probation Supervisor, all in the US.
Prior to this appointment, Dr. Kingsley Oghogho Okundaye served as Chief Executive Officer of Intraglobal Access Solutions, USA and Sequire Resource Services Nigeria Ltd.
The statement also said that, Chief Loto Amehinola, the Managing Director of the company is a graduate of Public Administration from Babcock University, Ilisan, Ogun State.
He founded Loto Oil Nigeria Ltd in 1994, and has managed the company till this point, growing its assets to a tremendous height.
Before venturing into business of trading in different commodities in 1985, Chief Amehinola was a primary school teacher between 1980 and 1984.
Loto Oil Nig. Ltd, the statement further said, is a private limited liability company incorporated in 1994 as an Independent Petroleum Products Marketing entity.
The company operates from Government Industrial Land, Igbokoda Ondo State, with retail outlets spread across the South Western States of Nigeria.
It recently took a business decision to expand its scope of operation in the oil and gas sectors of the Nigerian economy, with a decision to build and operate a Petroleum Tank Farm/Depot, comprising of four (4) tanks of 10,000 metric tons each, and two (2) tanks of 1,000 metric tons for fresh water.
Alongside the petroleum tank farm, the company has also proposed two 4000 MT LPG Storage facility, with a combined capacity of 4003.1m3 of cooking gas (LPG). The plan for the construction of a 5,000 BBP Modular Refinery is also at a very advanced stage.
