2024 Annual Report Summary

Mayor Global Oil and Gas Ventures Ltd

Overview
In 2024, Mayor Global Oil and Gas Ventures Ltd continued its strong growth trajectory, delivering solid financial performance and expanding its presence in Nigeria’s energy sector. Despite global economic headwinds and local market challenges, the company remained resilient through operational efficiency, strategic investments, and a strong customer focus.

Key Highlights

• Revenue Growth: Achieved a 15% increase in total revenue compared to 2023, driven by stronger sales in retail petroleum products and LPG (Mayorgas) distribution.

• Retail Network Expansion: Opened 22 new retail outlets across key states, enhancing nationwide access to PMS, AGO, HHK, and lubricants.

• Product Innovation: Strengthened market share of premium engine oils with improved formulations and rebranding.

• LPG Market Growth: Expanded LPG storage and distribution capacity, resulting in a 20% growth in domestic Mayorgas usage.

• Governance & Compliance: Maintained strict adherence to regulatory standards and enhanced corporate governance frameworks.

• Sustainability Focus: Initiated several environmental and safety initiatives, including cleaner fuel handling and improved depot safety protocols.

• Human Capital Development: Invested in staff training and development programs to boost productivity and professional growth.

Outlook for 2025
Mayor Global is positioned for continued growth, with plans to expand depot infrastructure, introduce digital customer platforms, and deepen investments in clean energy alternatives.