Paragraph 1: Introduction of the New Leadership at Eterna Plc
Eterna Plc, a prominent player in the Nigerian energy sector, has announced the appointment of Mr. Olumide Adeosun as its new Managing Director/Chief Executive Officer (MD/CEO), effective February 3, 2025. This transition marks a significant shift in leadership for the company, as Mr. Adeosun takes the reins from the outgoing MD/CEO, Mr. Abiola Lawal, whose resignation takes effect on January 31, 2025. The Board of Directors expressed their gratitude to Mr. Lawal for his notable contributions and leadership during his tenure, while extending their congratulations and best wishes to Mr. Adeosun as he embarks on this new chapter in his career.
Paragraph 2: Adeosun’s Extensive Experience in the Energy and Finance Sectors
Mr. Olumide Adeosun brings to Eterna Plc a wealth of experience spanning over 25 years in the intertwined realms of finance and energy. His career trajectory showcases a remarkable progression through various high-profile positions, both within Nigeria and internationally. He has held leadership roles at major multinational corporations, including BP Plc and PricewaterhouseCoopers (PwC), where he honed his expertise in finance, business strategy, and commercial operations. His involvement in the energy sector has ranged from upstream operations to downstream marketing and distribution, encompassing both traditional fossil fuels and renewable energy sources. This diverse background positions him uniquely to navigate the evolving landscape of the energy industry.
Paragraph 3: Early Career and Contributions at BP Plc
Mr. Adeosun’s career commenced with a strong foundation in financial analysis as a Business Analyst at PricewaterhouseCoopers UK in London. His subsequent move to BP Plc marked a significant step into the energy sector. At BP, he held various senior roles, contributing significantly to the company’s upstream finance, business support, and commercial operations. A key highlight of his tenure at BP was his instrumental role in developing the company’s Africa trading strategy. This strategic initiative culminated in the establishment of BP Global West Africa Ltd in Nigeria, underscoring his understanding of the African energy market and his ability to translate strategic vision into tangible operational success. As Vice President of Commercial Development, he spearheaded initiatives that drove remarkable revenue growth, achieving a 300% increase within a three-year period.
Paragraph 4: Transition to Energy Advisory and Leadership at Ardova Plc
In 2015, Mr. Adeosun transitioned from corporate roles to the advisory side of the energy industry, joining PwC’s West Africa Energy Advisory team in Lagos. In this capacity, he leveraged his financial acumen and industry knowledge to lead complex transactions, raising over $1.5 billion in infrastructure and energy investments. His accomplishments included overseeing the acquisition of a major multinational midstream and downstream company, demonstrating his expertise in mergers and acquisitions within the energy sector. In 2019, he assumed the role of CEO at Ardova Plc, where he implemented a five-year transformation strategy focused on liquefied petroleum gas (LPG) and renewable energy. This strategic shift signaled his commitment to cleaner energy sources and his foresight in anticipating the growing demand for sustainable energy solutions. During his tenure at Ardova, he also led the successful acquisition of a majority stake in the Olua Field on Oil Mining Lease (OML) 25, establishing a joint venture with other stakeholders in record time. This achievement showcased his ability to navigate complex negotiations and effectively manage partnerships within the Nigerian oil and gas industry.
Paragraph 5: Advocacy for Clean Energy and Professional Affiliations
Beyond his corporate roles, Mr. Adeosun is a recognized advocate for clean energy and sustainable development within the energy sector. He serves on the advisory boards of renewable energy firms and consultancies, providing strategic guidance and promoting the adoption of cleaner energy technologies. His commitment to sustainability reflects the growing global awareness of the importance of transitioning towards a more environmentally responsible energy future. He is also actively involved in various professional organizations, including the Financial Reporting Council of Nigeria, where he contributes to the development of sound financial reporting practices within the country. He is a Fellow of the Chartered Institute of Directors, demonstrating his commitment to good corporate governance. Furthermore, he is a member of the Society of Petroleum Engineers, further solidifying his credentials within the oil and gas industry.
Paragraph 6: Academic Background and Future at Eterna Plc
Mr. Adeosun’s academic background reflects a diverse intellectual curiosity and a strong foundation in both technical and creative disciplines. He holds a Bachelor of Architecture degree from Woodbury University, California, and an MSc in Mathematics from Royal Holloway, University of London. This unique combination of architectural design and mathematical rigor provides him with a distinct perspective on problem-solving and strategic thinking. As he assumes the leadership of Eterna Plc, his extensive experience, commitment to clean energy, and strong academic background position him well to navigate the challenges and opportunities that lie ahead. The Board of Directors and stakeholders alike anticipate his leadership in driving the company’s continued growth and success within the dynamic Nigerian energy market.
