Economy Watch

Eterna Plc Assures Shareholders at AGM Ratifies Abiola Lawal as MD/CEO

Eterna Plc, a leading integrated energy provider in Nigeria, has reassured stakeholders of its commitment to remaining competitive despite the challenging economic environment.

This assurance was given by the Chairman of Eterna Plc, Dr. Gabriel Ogbechie, OON, during the company’s 31st Annual General Meeting (AGM) held in Lagos.

The Shareholders also elected Mr Abiola Lukman Lawal as a Director, thereby ratifying his appointment as the new Managing Director & Chief Executive Officer.

Dr. Ogbechie emphasized that the fundamentals of Eterna’s business remain robust. “Despite recent challenges, we are focused on elevating the business to new heights for the benefit of our shareholders and stakeholders,” he stated.

The Chairman highlighted several difficulties faced in 2023, including the removal of the oil subsidy by the current administration, the floating of the Naira, fluctuating oil prices, pipeline sabotage, crude oil theft, supply disruptions, and inactive refineries. These factors contributed to a volatile economic landscape, affecting the company’s financial performance. However, Dr. Ogbechie noted that Eterna achieved significant progress, with a consolidated operating revenue of N183.3 billion, a 57.4% increase from N116.4 billion in 2022, primarily driven by retail expansion efforts.

Additionally, Eterna reported an operating profit of N7.8 billion, a remarkable 143% increase from N3.2 billion in 2022. Although the company ended the year with N9.4 billion loss, this was primarily due to FX losses.  Dr. Ogbechie assured shareholders that the future however remains bright, with promising prospects ahead. “Eterna now operates over 84 filling stations, and we have reviewed our retail operations to enhance profitability.

The new Managing Director / CEO, Mr. Abiola Lukman Lawal, also addressed the shareholders, expressing gratitude for their historical support, contributions and perspectives. He assured them that the Board is committed to steering the company back to profitability. “To grow the company, we will continue to play an active role across the energy value chain, covering the production, transportation, and distribution of energy solutions vital for economic growth and development,” Mr. Lawal further reiterated the company’s vision  to establish Eterna as Africa’s preferred energy provider”.

Eterna Plc offers a range of energy products, including petrol, aviation fuel, Diesel and lubricants. They operate a world class Lubricant Plant at Sagamu and is the authorized distributor of Castrol lubricants, greases, and engine oil in Nigeria. The company also has an exclusive chemical distribution franchise for the Transaqua drilling chemicals to the upstream industry through its Castro/BP relationship.

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