Matrix Energy: The Cable Creating Storm In A Teacup

TEMITOPE AJAYI 

It appears The Cable just wants to create a storm in a teacup because I can’t seem to understand the link between where Matrix Energy imports petroleum products from and the Chief Executive’s membership of President Tinubu’s Economic Council.

The man has been in the business for over 20 years. It is not enough to accuse someone of importing bad fuel into the country without evidence just because another businessman, seeking to protect his own turf, made the allegation.

Matrix is an active player in the downstream sector. Whatever business arrangement the company has with NNPC has been on for many years before the current administration that is barely a year old.

The company runs over 150 retail stations across the country and is reported to have three vessels for its operations. Matrix Energy, arguably, owns one of the largest independent product storage facilities in Nigeria.

Certainly, it wasn’t the CEO’s membership of President Bola Tinubu’s Economic Council that made him an active player in the sector where he has operated for over twenty years.

Members of President Tinubu’s Economic Council are drawn up from leaders of big businesses in critical sectors of the economy. Other members of the Council announced on March 27, 2024 include Mr. Segun Agbaje, Group CEO of GTBank Holding Company, Aliko Dangote, Mrs. Funke Okpeke, Tony Elumelu, Patrick Okigbo, Ms Amina Maina, Abdulsamad Rabiu, Dr. Doyin Salami among others.