Mar 4, 2022
Oltranz IOT has made the final delivery on a 1000 unit truck tracking and petrol monitoring program with the Nigerian Petroleum Equalization Fund, expected to result in a 10,000 truck order in the near future.
Oltranz IOT (former Valkor IOT) has been working for two years with the Petroleum Equalization Fund (PEF) of Nigeria. The initial goal of the program is to eliminate fraud in the voucher system, wherein the price of fuel is discounted in distribution around the country. It is believed that $100M's in misreporting occurs, where fuel is actually delivered outside the country at full price while taking the credit for in country delivery.
The Oltranz system measures type and quantity of petrol in each tank combined with location and other additional information in a tamper resistant design. The system is integrated without our war room software capable of tracking 1000's of trucks, registering pickup and drop off and confirming transportation tickets. Further, the system looks for other types of fraud, such as watering, incorrect petrol grading, etc. All near border deliveries are currently mandated to use this system, and it is believed that large amounts of fraud has been eliminated.
The success of this project has expanded the program and Oltanz is now looking at depots, storage facilities, pipelines, refineries and other pieces of the petrol chain. Expansion of the project to 10,000 trucks is anticipated shortly as well as expansion towards tracking all petrol in the country.