Eterna Plc announces Adeosun as CEO

The Board of Directors of Eterna Plc has appointed Mr Olumide Adeosun as the new Managing Director/Chief Executive Officer of Eterna Plc.

According to a statement issued on Thursday by the Company’s Secretary/Legal Adviser, David Edet, the appointment will take effect on February 3, 2025.

The board commended the outgoing MD/CEO, Mr Abiola Lawal, who has resigned from the company, effective January 31, 2025, for his significant contributions and exemplary leadership during his tenure.

The board also congratulated Adeosun on his new position and wished him great success.

Before he was appointed MD/CEO of Eterna Plc, he served as Group Executive Director of Rainoil Limited and as a Non-Executive Director of Eterna Industries Limited.

He is the immediate past Chairman of the Major Energy Marketers Association of Nigeria and a passionate advocate for clean energy, serving on the advisory boards of renewable energy firms and consultancies.

Olumide Adeosun is a finance and energy expert with over 25 years of experience in both sectors.

Highlighting his career and achievements, the statement read, “Mr Adeosun began his career as a Business Analyst under the PricewaterhouseCoopers UK graduate programme in London. He subsequently transitioned to BP Plc, where he held various senior roles in upstream finance, business support, and commercial operations.

“In BP’s Strategic Origination team, he played a pivotal role in developing BP’s Africa trading strategy, culminating in the establishment of BP Global West Africa Ltd in Nigeria. As Vice President of commercial Development, he spearheaded initiatives that achieved a 300 per cent growth in revenue within three years.

“In 2015, Mr Adeosun joined PwC’s West Africa Energy Advisory team in Lagos, leading transactions that raised over $1.5bn in infrastructure and energy investments. Among his achievements was overseeing the acquisition of a leading multinational midstream and downstream company.

“In 2019, he was appointed CEO of Ardova Plc, where he executed a five-year transformation strategy with a focus on LPG and renewable energy. He also led the successful bid for a majority stake in the Olua Field on OML 25, establishing a joint venture with other shareholders in record time.”

The statement said Adeosun is a Member of the Financial Reporting Council of Nigeria, a Fellow of the Chartered Institute of Directors, and a Member of the Society for Petroleum Engineers.

“He holds a Bachelor of Architecture degree from Woodbury University, California, and an MSc in Mathematics from Royal Holloway, University of London,” it added.