Ogbechie : Eterna Will Remain Competitive  Amid Imminent Fuel-subsidy Removal

Kayode Tokede

The Chairman of Eterna Plc, Dr. Gabriel Ogbechie has promised shareholders and stakeholders that the company will remain competitive even in the face of an imminent fuel-subsidy removal.

He stated this while speaking during the company’s 30th Annual General Meeting (AGM) held in Lagos.

He assured Eterna’s shareholders that the Board of Directors will live up to its promise and will keep working towards a profitable company.

In his address to shareholders and other stakeholders during the AGM, Ogbechie who was represented by Barrister Okechukwu Omezi, an Independent Non-Executive Director of the company said for the 2022 full year, the company had a “consolidated revenue of N116 billion, representing a 14.2 percent improvement on the N82.2 billion, revenue of 2021”.

Moreover, Eterna’s gross profit grew by 110 per cent, from N4.3 billion in 2021 to N8.9 billion, while its net operating profit grew by 1,207per cent.

The Eterna’s Board of Directors had recommended that a dividend of 15 kobo per ordinary share of 50 kobo each be paid to shareholders. The Board’s recommendation was approved by the Shareholders after it was put to a vote.

The Chairman also noted that the Board has devised a 5-year strategic plan that captures the collective vision of being Africa’s preferred energy company.

According to him, the plan will run from 2023 through 2027, and will position Eterna to play within all aspects of the downstream sector. He assured that the company will continue to grow its retail footprint across the Country. Additionally, he noted that the company will make significant investments in trucking both through direct truck acquisition and strategic partnership with third-party transporters with a view to improving product supply,

A shareholder, Chief Matthew Akinlade, appreciated Eterna’s Board for their management of the company and the recorded growth.

Another shareholder, Mrs. Bisi Bakare encouraged more publicity for the company’s products, including the Eterna gas cylinder and engine oil.

Mr. Okezie Boniface advised that Eterna position itself as a frontline company in the energy market, while Mr. Nornah Awoh asked for more representation for minority shareholders on the Eterna Board of Directors.

 Barrister Okey who represented the Chairman provided clarifications to questions asked by the Shareholders and stated that the suggestions have been noted for implementation.

All the directors who were up for re-election were voted by shareholders to continue serving on the Board.

When asked how he felt about Eterna’s profitable year, a shareholder said he felt happy and trusted the Board of Directors to keep working to retain the company’s outstanding performance.