Eterna Plc has announced the appointment of Olumide Adeosun as its new Managing Director and Chief Executive Officer, effective February 3, 2025.
The appointment was disclosed through a statement on the NGX platform, signed by the company secretary, David Edet.
Adeosun will succeed Abiola Lawal, who will step down on January 31, 2025.
Acknowledging Lawal’s tenure, the board expressed gratitude, stating:
“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.”
In welcoming Adeosun, the board conveyed confidence in his leadership, saying, “We congratulate Mr. Olumide Adeosun on his appointment and look forward to a successful tenure that will drive Eterna Plc to new heights.”
Meet Adeosun
Olumide Adeosun brings over 25 years of experience across the finance and energy sectors. His career spans multinational corporations and key leadership roles in Nigeria’s oil and gas industry.
Most recently, Adeosun served as CEO of Ardova Plc, where he championed the company’s strategic pivot toward liquefied petroleum gas (LPG) and renewable energy.
His leadership was pivotal in Ardova’s successful bid for a majority stake in the Olua Field on Oil Mining Lease (OML) 25, reinforcing his reputation as a forward-thinking leader in Nigeria’s energy space.
Before joining Ardova, Adeosun held the position of Group Executive Director at Rainoil Limited and served as a Non-Executive Director at Eterna Industries Limited.
His international experience includes serving as Vice President of Commercial Development & Operations for BP Plc’s West Africa Trading business. In this role, he led initiatives that delivered a gross profit of $12 million in the first year of operations and developed BP’s Africa trading strategy, which led to the creation of BP Global West Africa Ltd in Nigeria.
Earlier Career
Earlier in his career, Adeosun began as a Business Analyst at PricewaterhouseCoopers (PwC) in the UK, later returning to Nigeria to lead PwC’s Energy & Power (West Africa) Practice.
At PwC Nigeria, he spearheaded multi-billion-dollar projects and co-led the buy-side advisory for one of the largest acquisitions in Nigeria’s downstream oil and gas sector, securing over $1.5 billion in energy investments.
Notably, Adeosun previously served as CEO of Forte Oil PIc following its acquisition by Ignite Investments and Commodities Limited. His appointment at Forte Oil boosted investor confidence, leading to a 2.5% rise in the company’s share price. He was instrumental in the company’s rebranding to Ardova Pl, focusing on expanding into cleaner energy
Educational Background and Industry Recognition
Adeosun holds a Bachelor of Architecture degree from Woodbury University, California, and a Master of Science in Mathematics from Royal Holloway, University of London. This diverse educational background has been instrumental in his analytical approach to strategy and business development.
His achievements have earned him industry recognition, including the BusinessDay Downstream CEO of the Year Award in 2021. He is a Fellow of the Chartered Institute of Directors and an active member of the Society for Petroleum Engineers.
Adeosun’s leadership philosophy emphasizes innovation, sustainability, and inclusive growth. His appointment signals Eterna Plc’s commitment to navigating the evolving energy landscape and advancing Nigeria’s energy transition.
With his extensive experience and strategic insight, Adeosun is poised to lead Eterna Plc into its next phase of growth and transformation in Nigeria’s dynamic energy sector.
Eterna Plc market trend
Adeosun’s appointment comes at a transformative period for Eterna Plc, following its impressive financial recovery in 2024. The company reported a year-to-date stock performance of 75.5%, with its share price climbing from ₦13.85 in January to ₦24.30 in December.
Eterna’s financial resurgence was marked by a ₦1.6 billion pre-tax profit in the first nine months of 2024—a remarkable turnaround from the ₦3.4 billion loss recorded in the previous year.
This 149% growth was driven by an 89.6% revenue increase to ₦233.7 billion, primarily fueled by fuel sales, which accounted for 87% of total revenue.
Industry analysts anticipate that Adeosun’s strategic leadership will further solidify Eterna’s market position. His experience in driving commercial growth and operational excellence aligns with Eterna’s goal to expand its footprint in Nigeria’s downstream energy market.
