About Eterna Plc
Eterna Plc is a publicly quoted energy company with its main office in Lagos, Nigeria. The company is involved in supplying and selling fuels, lubricants, and other petroleum goods to businesses. Upon its establishment as Eterna Oil & Gas Limited on January 13, 1989, the company started operating as a distributor and marketer of petroleum products and fuels as well as providing engineering and technical services for businesses in the oil industry in 1991. It was re-registered as a public company in 1997. The company also deals in crude oil and runs a vast network of fuel stations and has about 200 employees.
The business actively engages in all aspects of the energy value chain, including the production, distribution, and transportation of energy solutions that are essential to a country’s long-term economic growth. The company, however, has plans to further expand into the midstream and upstream of the energy sector.
Eterna operates in the downstream sector of the industry by virtue of its marketing of petroleum products, oil refining, supply, trading, product marketing, and retail. One of the difficulties this industry faces, is the gap in supply from the Petroleum Products Marketing Company (PPMC), which imports petroleum products.
Industry
Eterna operates in the downstream sector of the industry by virtue of its marketing of petroleum products, oil refining, supply, trading, product marketing, and retail. One of the difficulties this industry faces, though is the gap in supply from the Petroleum Products Marketing Company (PPMC), which imports petroleum products.
Competitors
Eterna Plc has several market competitors in the Oil & Gas sector. Below is an overview of its competitors by market capitalization of its year-to-date performance.
- Seplat Petroleum Development Co- N836 billion
- Total Nigeria N79.6 billion
- Oando Plc N60.4 billion
- Conoil Plc N18 billion
- Ardova Plc 16.4B
- MRS Oil Nigeria N4.95 billion
- Global Spectrum Energy Plc 2.2 billion
- Capital Oil Plc N1.17 billion
- RAK Unity Petroleum Company N17 million
Timeline
1991: Started marketing Castrol’s products in Nigeria after concluding a technical and business agreement with Castrol Burma.
1995: Abuja’s first modern retail station was opened
1996: Awarded funding to construct the first Castrol-certified lube blending facility in Sub-Saharan Africa, with a 35,000MT capacity, at Sagamu interchange.
1998 to 2001: The company had shares listed on the NSE and developed into a well-known supplier of lubricants and fuels with a variety of business entities. Its status was also changed to a public limited liability company.
2007: The business changed its branding that year and unveiled new lubricants. Additionally, it raised new funding from its shareholders by issuing 150 million shares at a price of N9.95 per share. Each share was worth 50 kobo (N1.495b)
2008: The company obtained a sole license to manufacture and sell BP-Castrol lubricants in Nigeria from the Standards Organization of Nigeria (SO2017).
2021: Preline Limited acquired a 61% stake in Eterna PLC following a 61% interest buyout.
Executive Board Members
The board members include:
- Dr. Gabriel Ogbechie- Group Chairman
Dr. Gabriel Ogbechie 30 years of experience in the oil and gas sector. In addition to this, he also oversees a sizable conglomerate of businesses, including those in real estate, marine, and agriculture. He holds an honorary doctorate in Technology Management from Novena University in Nigeria and a degree in Production Engineering from the University of Benin and has attended several courses locally and internationally including Harvard.
He had previously worked in PwC, Ascon oil and is currently the GMD of Rainoil.
- Mr. Benjamin Nwaezeigwe- Managing Director/Chief Executive Officer (MD/CEO)
Nwaezeigwe recently succeeded Mr. Nnamdi Obiagwu as MD/CEO in August 2022. He brings almost two decades of experience from various economic sectors, particularly Oil & Gas, and was previously the company’s Executive Director/Chief Operating Officer.
He held the position of Deputy General Manager while employed by Rainoil Limited. He established BHR International Ventures Limited (BHR), and joined Eterna Plc as the Chief Operating Officer in December 2021.
He holds a Bachelor of Science degree in Industrial Chemistry from Ambrose Ali University and an MBA in Production and Operation Management from Lagos State University, Lagos, and has attended various trainings at home and abroad.
- Mrs Godrey Ogbechie- Non-Executive Director
- Mr. Emmanuel Omuojine – Non-Executive Director
- Mr. Anibor Kragha- Independent Non-Executive Director
- Barrister Okey Omezi- Independent Non-Executive Director
- Mr. Akinwande Ademosu- Independent Non-Executive Director
- Mr. Mandela Golkus- Company Secretary/ Legal Adviser
Eterna Plc’s achievements
Eterna PLC experienced unprecedented growth achieved remarkable milestones notably:
The company purchased a coastal tank farm near Lagos in 2008 with a capacity of 34 million litres of petroleum products, an aviation fuel depot within the airport in Abuja and several filling stations throughout the country.
Earlier, the business established the first Castrol-certified plant in sub-Saharan Africa, which is ranked third in Africa, and secured exclusive rights to import and market Castrol products in Nigeria and the ECOWAS sub-region
Regulators
The following bodies are regulators in the industry:
- Nigeria National Petroleum Corporation (NNPC)
- Petroleum Products Pricing Regulatory Authority (PPPRA)
- Petroleum Products Marketing Company (PPMC)
- Department of Petroleum Resources (DPR)
Financials
The company generates revenue from the manufacturing of lubricants, importation, sales, export, marketing of petroleum products, oil servicing and gas distribution. The report of half-year ended 30 June 2022 shows the company generated a revenue of N57.2 billion, while gross profit was N4.1billion.
Awards
The company received a milestone award in 2006 when it won the prestigious Pearl awards for achieving the highest turnover growth amongst publicly quoted companies.
News
In November 2021, Preline Limited acquired a 61% stake in Eterna PLC. Since then, the acquisition has yielded positive growth for the company.
