Eterna Plc has announced the appointment of Mr. Olumide Adeosun as the new Managing Director and Chief Executive Officer, effective 3rd February 2025.
This information was shared in a release on the NGX disclosure platform, signed by company secretary David Edet.
Mr. Adeosun will take over from Mr. Abiola Lawal, who resigned from the position, effective 31st January 2025.
The board acknowledged Mr. Lawal’s contributions during his time in office. In their statement, they noted, ‘’The Board extends its profound appreciation to Mr. Lawal for his significant contributions and exemplary leadership during his tenure as Managing Director/Chief Executive Officer.’’
Additionally, the Board congratulated Mr. Olumide Adeosun on his appointment, wishing him a successful tenure.
About Mr. Adeosun
Mr. Olumide Adeosun holds a Bachelor of Architecture from Woodbury University and an MSc in Mathematics from Royal Holloway, University of London. With over 25 years of experience in the finance and energy sectors, he has built a distinguished career.
- He began as a Business Analyst with PricewaterhouseCoopers (PwC) in the UK before joining BP Plc. At BP, he held senior roles in finance and was instrumental in developing the company’s Africa trading strategy, leading to the establishment of BP Global West Africa Ltd in Nigeria.
- As Vice President of Commercial Development, he drove initiatives that achieved a 300% revenue growth over three years. In 2015, he returned to PwC in Nigeria, where he led projects that secured over $1.5 billion in energy investments.
- In 2019, he became CEO of Ardova Plc, focusing on liquefied petroleum gas (LPG) and renewable energy, and successfully led a bid for a majority stake in the Olua Field on OML 25. Previously, he served as Group Executive Director at Rainoil Limited and as a Non-Executive Director at Eterna Industries Limited.
Adeosun has received several accolades, including the Business Day Downstream CEO of the Year Award in 2021. He is also a Fellow of the Chartered Institute of Directors and a Member of the Society for Petroleum Engineers.
Eterna Plc performance overview
Eterna recorded a year-to-date performance of 75.5% in 2024, with the stock price rising from N13.85 in January to N24.30 by December.
- Although the stock experienced stagnation in the first and second quarters, it gained momentum in the third quarter.
- For the nine months ending September 30, Eterna reported a pretax profit of N1.6 billion, a notable recovery from the N3.4 billion loss reported in the previous year, representing a 149% increase.
Revenue also increased by 89.6% to N233.7 billion, driven primarily by fuel sales, which accounted for 87% of total revenue, while lubricant sales made up 12.28%.
