Eterna Plc appoints Abiola Lawal as new MD



Energy firm, Eterna Plc, has announced the appointment of Mr. Abiola Lawal, an oil executive and economist, as its new Managing Director/Chief Executive Officer following the resignation of Benjamin Nwaezeigwe.

The company in a notice filed with the Nigerian Exchange Limited, revealed that the incoming MD/CEO has a proven record of positive performance in executive leadership at multiple C-Suite level roles locally and internationally.

“A global executive with over 25 years of management executive experience in private and publicly listed companies across diverse industries, Mr Lawal has expansive experience in the oil & gas sector and a proven record of value delivery in several aspects of executive management,” the statement said.

“Mr Lawal most recently worked with Eroton Exploration and Production Company Limited as Deputy Managing Director & Chief Financial Officer. Prior to this, he served as Group Chief Strategy Officer of Oando Plc during its transformation from downstream to upstream and gas. While at Oando, he oversaw the successful implementation of Oracle ERP technology as a game changer to transform the operations of the company.

“He also served as Executive Director of Oando Gas & Power as well as Gaslink (now known as Axxella) during the rapid growth and expansion phase of the then subsidiary.”

Lawal was the pioneer Executive Vice President & Chief Financial Officer of Camac Energy Inc. in the USA (later known as Erin Energy), the first Nigerian-owned energy company to be listed on the New York Stock Exchange.

He also served in multiple executive roles in other companies, including CAMAC International Corporation and ExeQute Partners, Inc., both in Houston, Texas, USA.

According to the firm, Lawal’s appointment is effective April 15, 2024.

In 2023, Eterna suffered a loss after tax N9.4bn (2022: N1.01bn profit), driven by a N18bn foreign exchange revaluation loss due to the free float of the foreign exchange rate by the Central Bank of Nigeria in June.

The group achieved consolidated revenue of N183bn, representing an overall percentage increase of 57 per cent compared with N116bn revenue in 2022.

The gross profit increased by 87 per cent in 2023 to N16.9bn compared to N9bn achieved in the prior year.

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