Wole Onasanya, Group CEO of Coronation Group Limited has noted the need for the Nigerian government to end crude oil theft and petrol importation to tackle the foreign exchange (FX) crisis in the country.
Onasanya disclosed this in Lagos during an interview session with journalists held to mark the firm's recognition at the BrandCom Award 2023.
According to the CEO, "We are still importing petrol and we still have a lot of crude oil that is being stolen. If we are able to fix these two things, though not the only thing. If we can ensure we can sell as much as the OPEC quota allows us to sell..., they will help."
He added that the FX challenges may take little time to settle but tackling the above-mentioned challenges will go a long way to improve the situation.
"If we can start supplying crude and if our refinery is working. There is no responsible country that will ever rely on a monopoly. If we get all our refineries solid in all capacity, we will stop importing and I think FX will start to stabilise," Onasanya said.
Speaking on the award, he said "It feels good being recognised for what the company is offering, which also serves as a motivation to do more".
"It helps you to see where you are not doing well as you like to. This definitely makes us more responsible. When someone conferred you a title, there is a need to live up to that, so we can get more awards in future and we look to do more."
He explained that the group has leveraged technology to provide financial services and many more which have helped the company to earn recognition.
Coronation Group was licensed recently by the Securities and Exchange Commission as a capital market holding company having affiliations and subsidiaries providing financial services.
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