Swiss-based oil trader Mocoh is undergoing a strategic overhaul as Nigeria’s massive Dangote refinery reshapes fuel supply dynamics across West Africa, disrupting traditional trade routes and prompting a shift in business models.
For years, Mocoh built its core business around supplying premium motor spirit, popularly known as petrol, to Nigeria, Africa’s largest oil consumer, relying heavily on deals with the Nigerian National Petroleum Company (NNPC) Limited.
However, that changed dramatically with the phased start-up of the 650,000 barrels-per-day Dangote refinery, which began supplying large volumes of fuel to the domestic market in 2024.
“In early 2025, we saw a paradigm shift,” said Olivier Lassagne, Mocoh’s new CEO, in an interview with Platts. “We lost most of our petrol trade with NNPC, but that’s pushed us to grow beyond our traditional niche and reposition for the future.”
The shift has forced Mocoh to pivot from West Africa’s established petrol import model to emerging opportunities in intra-African trade, East African markets, and even biofuels.
Dangote’s Disruption
Dangote’s entry into the downstream market has slashed Nigeria’s reliance on foreign petrol, putting pressure on international traders. Once a key destination for European imports, Nigeria now boasts its refining muscle, capable of meeting much of its domestic demand and exporting to nearby countries.
Mocoh, which has operated in Nigeria for nearly three decades, has found new footing by partnering with Dangote to export surplus fuel to regional markets like Benin, Cameroon and Burkina Faso.
Yet, competition is fierce. Dangote has so far favoured trading giants like Vitol, BP and Trafigura for major offtake deals, while newer players such as Afreximbank-backed Atmin are vying to expand intra-African flows.
“Dangote values flexibility and market pricing. They aren’t tying themselves down with exclusive partners,” Lassagne said, adding that Mocoh is positioning itself as a nimble regional player.
Read also: Dangote ends Nigeria’s reign as Africa’s biggest petrol importer
Expanding Horizons
In a bid to diversify, Mocoh launched an East African trading desk in 2024, targeting growth hubs such as Tanzania and Mozambique. The region offers potential, but also logistical hurdles. Ports like Beira in Mozambique are plagued by congestion, with ships waiting up to two months to offload fuel.
“Right now, the bottleneck isn’t pricing—it’s infrastructure,” Lassagne said. “We’re staying asset-light. We don’t want to get stuck with fixed investments if trade flows change again.”
Biofuels and the Future
Looking ahead, Mocoh is also investing in cleaner fuels. It launched a biofuels trading unit and founded a Nigerian feedstock aggregator to collect and process materials like used cooking oil and tallow for export to Europe.
Although Africa’s domestic biofuels market remains nascent, Lassagne believes the continent could emerge as a major supplier of renewable feedstock as global decarbonisation rules tighten.
“Biofuels is a long-term bet, but we wanted to be ahead of the curve,” he said. “Our focus remains firmly on Africa, we’re not looking to diversify outside the continent.”
As Nigeria’s refining landscape evolves and fuel flows shift, traders like Mocoh are scrambling to adapt. For Lassagne, it’s all part of the game: “It’s in our DNA to reinvent ourselves when the market changes, and that’s exactly what we’re doing.”
