Joe Leigh has spent more than a decade in physical oil commodity markets, watching West Africa's trading landscape shift from a business run on phone calls, spreadsheets and personal relationships to one increasingly shaped by data. As Founder and Chief Executive Officer of Union Brokerage and its market intelligence platform, Owari, he spoke to Petroleumprice.ng about what is holding back liquidity in the region, how the Dangote Refinery is reshaping trade flows, and why he believes technology's role is to strengthen relationships in the market, not replace them.
Union Brokerage describes itself as a company focused on driving liquidity in West Africa's oil markets. What are the biggest barriers to liquidity in the region today, and how can they be addressed?
The biggest barrier to liquidity is confidence. In West Africa, that confidence is often limited by fragmented market information and limited access to trade finance. Traders need reliable data on pricing, supply, vessel movements and market opportunities, while financial institutions need transparency to assess risk before extending credit. Owari was created to address both challenges, by centralising trusted market intelligence and making it easily accessible. We help traders make more informed decisions while providing banks with greater visibility into market activity.
You have spent more than a decade in physical oil commodity markets. How has the West African trading landscape evolved during that period?
When I entered the market over a decade ago, information travelled through phone calls, spreadsheets and personal relationships. Today, the industry is becoming increasingly data-driven. One of the biggest changes has been the shift from simply trading offshore cargoes to understanding what is happening within each market. With developments such as the Dangote Refinery and changing regulations across the region, successful trading now depends on having real-time visibility into local market dynamics, not just regional supply. Relationships remain essential, but technology now allows traders to spend less time searching for information and more time making better commercial decisions.
What trends are you currently seeing in product flows and trading opportunities across West Africa?
The market is evolving rapidly. Recent geopolitical events have reshaped global diesel supply routes, forcing West African buyers to source products from different regions. At the same time, the Dangote Refinery has fundamentally changed trade flows by increasing regional production and creating new opportunities for intra-African trade. We are also seeing more Nigerian companies looking beyond their domestic market and expanding into neighbouring countries, creating a more interconnected regional trading environment.
Why has market intelligence become so valuable in commodity trading?
Good market intelligence does not just provide information, it improves commercial decisions. Knowing stock levels, vessel arrivals, pricing trends and supply movements allows traders to manage risk more effectively and identify opportunities before the wider market reacts. In commodity trading, timing can have a significant financial impact.
What inspired the development of Owari?
We kept seeing experienced traders asking the same questions every day, on port restrictions, product specifications, vessel arrivals and market conditions. The information existed, but it was scattered across multiple sources and took too long to access. Owari was built to bring that data together in one platform, so users can focus on making faster, more confident commercial decisions rather than spending time searching for information.
How does real-time market transparency change the way traders manage risk?
Transparency changes everything. Knowing when a large cargo is arriving, for example, can significantly influence purchasing decisions, because increased supply often affects pricing. By combining vessel tracking, stock levels and market intelligence, Owari gives traders the visibility they need to anticipate market movements instead of simply reacting to them.
How important is data quality in commodity trading?
Data quality is critical, because poor information leads to expensive decisions. Our approach is to work with trusted industry partners, official sources and experienced market participants, while continuously validating the information we provide.
Looking ahead, which developments will have the biggest impact on West African petroleum trading?
The continued growth of the Dangote Refinery will remain one of the biggest drivers of change in the region, alongside regulatory developments across Nigeria. As regional refining capacity increases, I expect to see more intra-African trade and stronger regional supply chains, creating new commercial opportunities for traders across West Africa.
Will technology eventually replace traditional brokers?
No. Technology enhances relationships, it does not replace them. Physical commodity trading is still built on trust, experience and long-term partnerships. Technology removes the administrative burden by improving access to information, allowing brokers and traders to focus on what matters most: building relationships and creating value for clients.
What is your long-term vision for Union Brokerage and Owari?
Our vision is to build a brokerage and market intelligence platform that Africa can be proud of. We want Union Brokerage and Owari to become the trusted reference point for market intelligence across West Africa, helping businesses make better commercial decisions through greater transparency and stronger risk management. Ultimately, our goal is to contribute to a more efficient, more connected, and more liquid regional energy market.