September 30, 2019

‘Cost of diesel expected to rise and many businesses are not prepared’ – Concept Nova CEO

‘Cost of diesel expected to rise and many businesses are not prepared’ – Concept Nova CEO

The Managing Director of Nigerian technology company, Concept Nova, Chukwuma Ochonogor has said that the company’s innovative fuel management system has eliminated the challenge of fuel theft suffered by many businesses, especially fleet operators in Nigeria. Ochonogor further stated that the need for the FCS solution is imminent as the cost of diesel is set to rise.

“Diesel is one of the top three expenses most organizations incur every year. Globally, over 72% of diesel purchased is used to operate mobile assets while over 13% of diesel purchased is used to operate stationary assets. According to a recent report released by Reuters, the cost of diesel is expected to spike globally by nearly 20%. This price rise could negatively affect GDP growth and unfortunately, many businesses are not prepared.”

While speaking during a Product Knowledge Session held in Lagos recently, Ochonogor explained that the solution, Fuel Control System (FCS), comes in a stationary FCS for tanks and a mobile FCS for trucks.

According to him, the technology solution “is a unique diesel management solution designed to prevent diesel fraud, theft and leakages that may occur at any point from the purchase to the consumption of diesel.”

Ochonogor concluded by saying “Our FCS solution provides real-time detailed information about the diesel level, consumption and refuelling activities for FCS protected assets.

With this information, business owners and organizations can make better informed decisions on operational costs, monitor diesel consumption, enjoy an abundant return on investment, and put several control measures in place that eliminate the possibility of diesel theft.”

In a recent Fleet Management Weekly report by Shell, two out of every five drivers have participated in or witnessed fuel-related fraud.

Concept Nova’s Fuel Control System solution has helped many businesses address this challenge by driving continuous improvement to business operations and create value geared towards achieving a Connected Economy.

Concept Nova currently serves a wide array of industries, ranging from Oil and Gas, Financial Institutions, FMCG, Haulage and Logistics, Agriculture, Shipping and Delivery Services, transportation and others.