AfriCorp Petroleum is one of the largest publicly traded, vertically integrated oil and gas companies in the world, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals with interests in upstream, midstream, and downstream landscapes.
It was founded by a group of leading professionals with extensive experience in the international oil and gas industry, as well as in global management and investment capabilities.
Each day we improve the quality of life for millions of consumers in African countries around the globe through the supply of our products, power, and heat. We employ over 100 people who join their efforts and expertise to ensure the Company’s efficient development and secure its market leadership.
We recognize the importance of a sustainable future and plans to play a role in transition to a more sustainable energy source federation. The journey reflects a commitment to bring abundant and affordable energy to, industries, government agencies and communities, shaping a sustainable future for Africa at large.
Having a strong focus on innovation, environmental responsibility, and community development, AfriCorp commits to lead in the evolving energy landscape and contribute to a more prosperous Africa. Our focus is to ensure the security of energy supply and production in Africa.
We are committed to operate as a commercial entity that creates value for its shareholders and stakeholders. The focus encompasses ensuring the security of energy supply and advancing the broader national objective of petroleum industries for the benefit of the people and the Country.
DISCOVER OUR BUSINESS
We are forefront of our upstream operations ranging from exploratory fields to mature producing fields with huge potential for positive returns at reduced cost
With our expertise in natural gas and oil pipelines and storage and power generation, We are the country’s largest natural gas- distributor and safely deliver reliable, affordable, efficient, and abundant natural gas distribution customers in the country
We procure and distribute petrol, diesel, kerosine and liquefied petroleum gas through our extensive retail stations as well as significant storage facilities in Nigeria
We make impact through our action that enables people and companies to achieve a more resilient, electric, and net-zero world. These actions impact our daily lives and shape our energy future — secure, efficient, and reliable for generations to come
We produce and distributes high quality lubricants for automotive, industrial and marine lubrication needs. As the sole distributor Lukoil lubricant for Nigeria automotive and industrial sectors, Our customers also benefit from a broader selection of the best class in class oil
PURPOSE
Our strategic functions are to make it possible for Governments and people to have:
- Improved supply of fuel, oil and gas to the country.
- Identify gaps and Improve distribution of integrated energies in the country
- Mitigate the impact of oil price variations and foreign currency fluctuations.
- Participate in transformation initiatives in oil, gas, fuels and petrochemicals value chain
- Commit to bring abundant and affordable energy towards shaping a sustainable future for Africa
- Create and manage contingency crude oil reserves and strategic petroleum assets of the Government of Nigeria and African Countries
- Access upstream/downstream and midstream petroleum assets for the benefit of the citizens of the country
- Competitively operate AfriCorp Petroleum in a sustainable commercial manner
OUR VISION
Through building a strong network driven by common interests, we become the African leading provider of sustainable, affordable, and quality hydrocarbon-based energy. We do this by ensuring a balanced transition towards cleaner energy in an economically viable and safe manner.
OUR MISSION
Our corporate mission is to make energy from hydrocarbon deposits serve the interests of mankind efficiently and responsibly realise commercial value, enable supply competitiveness, and efficient Africa energy markets while ensuring security of supply and quality. And we do this with a high focus on our people and community at large.
STRATEGY OF BALANCE DEVELOPMENT
In 2024, the Board of Directors approved the Strategic Development Program of AfriCorp Petroleum Group for 2024–2034. The updated strategy is focused on driving sustainable growth in key performance indicators and the Company’s progressive dividend policy in a conservative oil price scenario, while pursuing additional growth opportunities and distributions to shareholders in a more favorable environment.
Strategy
Goal: Sustainable organic hydrocarbon production growth with focus of creating value and unlocking the potentials of our resource base to enable supply competitiveness, efficient Africa energy markets while ensuring security of supply and quality.
Mature fields
- Efficiency improvements, production cost reduction
- Improve field production decline rates
- Efficient delivery of new projects
Refining/lube portfolio/ Efficiency improvements
- Selective projects in Africa to enhance the Company’s petroleum products value chain
- Continuous enhancement of operating efficiency
Filing Station Network/Organic Growth Projects: lubricants/Bitumen
- Efficiency improvements and sales growth at filing/service stations
- Growth in high- margin segments and lunch of new products
OUR CORE BUSINESS ACTIVITIES
Our company has a reputation for producing high-quality and environmentally friendly products. Our core business activities are:
- The exploration and production of oil and natural gas
- The distribution of oil and natural gas products
- The participation in, and acquisition of, local and international upstream/downstream petroleum ventures
- The development of domestic refining and liquid fuels logistical infrastructure
- The general trading and marketing of oil, gas, lubricants, and petrochemicals.
- Strategic partnerships for value addition projects and potfolios
- Own and operate more than one hundred (100+) efficient retail service stations in Africa, while continually investing in other more service stations
- Manage launched AFRIMART store franchise, AFRIMART that will be available at all our service stations giving Nigerians access to good quality products and an overall excellent shopping experience.
- Owns more than 100 highly maintained trucks that offer fuel transportation services to our customers. Our tracks are equipped with GPS system to monitor quality and safely delivery of products to customers.
OUR VALUES
- Personnel. Whatever the Company does is done by people and for people.
- Environment and Technologies. Being one of the world’s users of natural resources, AfriCorp Petroleum stringently abides by the highest global environmental standards and prides itself on the environmental management system it has in place across the entire Company’s vertical chain of management.
- Responsibility for human lives and the energy resources entrusted to us in the regions of our presence.
- Openness and partnership in cooperation with society and stakeholders.
- Ethics. Following its mission, AfriCorp Petroleum is guided by fairness and justice, respect and integrity.
CORPORATE GOVERNANCE
The Company has a well-developed corporate governance system governed by business conduct and ethics set at international standards for compliance at various level of the organization
The efficiency of corporate governance is one of the crucial drivers for improvement of the Сompany’s competitiveness. The development of the Company is impossible without an efficient structure in place that regulates the relations between the Board of Directors, the executives and the shareholders, without investors being sure that the Company’s management spends their funds in a reasonable manner to achieve capitalization growth.
AfriCorp Petroleum corporate governance system aims to establish and preserve reliable trustful relations with the community of investors and shareholders, which facilitates a further increase in the Company’s investment appeal.
The information available in this section gives a detailed insight into the principles of interaction between AfriCorp Petroleum and its shareholders and gives an idea of the Company’s general management and of the way the shareholders control the measures taken by the management.
