Diesel Power CEO Collins Kibet attends to a customer. PHOTO | POOL
Summary
- Collins Kibet started his petroleum business in 1996 with two small containers of fuel.
- Many years down the road, he is now taking on the big boys in the industry.
- Diesel Power with its roots in Kaptagat, has grown rapidly and now runs operations in Uasin Gishu, Baringo, Bungoma counties, among others.
Collins Kibet started his petroleum business in 1996 with two small containers of fuel. Many years down the road, he is now taking on the big boys in the industry.
Diesel Power with its roots in Kaptagat, has grown rapidly and now runs operations in Uasin Gishu, Baringo, Bungoma counties, among others.
Mr Kibet was born in 1976 to a family of successful entrepreneurs. His father, whom he considers his biggest inspiration, amassed a considerable fortune trading petroleum products in Eldoret town in the 1990s.
“My father taught me the business and that is why we have another competing brand called Simba in the family. But ours is a healthy competition,” says Mr Kibet, a graduate of Catholic University of Eastern Africa (CUEA), where he did his undergraduate in marketing management. He is currently undertaking his Masters in the same field.
He says from the first station at Kaptagat, it has been a long road to success.
“After Kaptagat, we moved to our second station in Lessos in 1998 then to Jovena in 1999 and later in Ziwa and then other small stations outside town. In 2006 we opened our first station in Eldoret town at a place called Kimumu,” he says.
Diesel Power is set to open a new branch along Uganda Road in Eldoret town bringing the number of stations to nine.
Mr Kibet who has employed 200 people is looking forward to venturing into the Liquid Petroleum Gas (LPG) business.
“We have registered different company to supply the LPG,” he says, noting that they supply their products to both individual and corporates customers.
He attributes his success to hard work, focus, honesty and family support.
“We always believe that we should never take a shortcut. We also believe in quality,” he says of the values inculcated by his family along his entrepreneurial journey.
“I got strong support from our parents who are the pioneers of the business,” he adds.
This, however doesn’t mean that it has been smooth sailing for him. Mr Kibet is quick to point the challenges he has faced, the major ones being lack of capital, competition and government regulations.
“Generally in this industry, there are a lot of challenges, the key one being capital. I realised that many banks are reluctant to finance a start-up. But after we have grown, we have managed to get support from banks like KCB and DTB,” he says.
Competition, he reveals, is also very stiff in the industry.
“There is a lot of competition because people think that there is a lot of money in the petroleum sector. There are a lot of stations coming up, but this is healthy for us because it has helped us up our game,” he notes.
Mr Kibet says there are also too many permits required in the industry.
“Almost 10 and most of them fall in January, the beginning of the year and so we spend most of our profits renewing them,” he explains.
Mr Kibet is working closely with his daughter Sandra in the business. Like her father, Sandra is quickly learning the ropes of the enterprise.
“This industry has very many challenges, it can really put you to the test sometimes,” says Sandra.
“What I plan to bring into the company is applied knowledge especially in marketing. I plan to really improve our brand, to really make it stand.”
Mr Kibet’s advice to those planning to venture into the petroleum business is that they should not be driven by greed.
“For those people who are interested in joining the industry, I always believe that the ocean is so big and we cannot finish it. The world has enough for everyone's needs but not enough for one man's greed. Therefore, when you come to the industry with a lot of greed you end up losing because you will want everything and end up losing everything,” he cautions.
He says that his idea is to build Diesel Power into a conglomerate by 2027, employing thousands of people.
“I believe it is possible and as long as God lives we are unstoppable,” Kibet says.
On corporate social responsibilities, Mr Kibet says that they engage in the annual Jumbo Charge that promotes environmental conservation. The events are held in Mt Elgon and Kaptagat forests. They also sponsor regional athletic marathons, cycling, and volleyball and football teams.
No comments :
Post a Comment