Regina Kenn, the founder of Waz World Multi-Biz Company Ltd, has detailed how she launched her career in Nigeria’s oil and gas sector in 2012 with an initial capital of just ₦300,000. Kenn began her entrepreneurial journey by constructing a simple kerosene surface tank while studying International Studies and Diplomacy at the University of Benin.
Despite her limited starting funds, Kenn faced immediate logistical hurdles, specifically the inability to purchase enough kerosene to fill her tank to operational capacity. To overcome this barrier, she resorted to buying the product in smaller quantities from the Nigerian National Petroleum Company (NNPC) by the gallon.
“I started with 300k back in 2012 by building a kerosene surface tank. The limited capital meant I could not initially purchase enough product to operate at the scale I wanted. Instead, I had to buy kerosene in smaller quantities,” Kenn explained. “At that time the challenge I faced was getting the product, because I didn’t have the capital to fill the tank. So I was going to buy in gallons from NNPC.”Her experience highlights the significant financial barriers often associated with entering the oil and gas industry, where establishing infrastructure and maintaining working capital require substantial investment. However, Kenn argues that these high entry costs should not deter new entrepreneurs, suggesting instead that businesses can be built gradually in stages.
Since those early days, Waz World Multi-Biz Company Ltd has expanded into a licensed oil and gas firm registered with the Corporate Affairs Commission. The company now specializes in facility installation and the supply of oil and gas products, managing projects for filling stations, compressed natural gas (CNG) stations, and liquefied petroleum gas (LPG) stations and plants.
Currently operating with offices in both Abuja and Lagos, the company maintains its Abuja headquarters on Ralph Shodeinde Street in the Central Area and its Lagos office in Gowon Estate, Egbeda. Kenn advises aspiring entrepreneurs to consider LPG, or cooking gas, as a viable starting point for entering the sector due to its widespread everyday use.
<small>Source: The Sun Nigeria — read the original story there.</small>
