Eterna Restates Commitment to Remain Competitive, Ratifies Abiola Lawal As MD/CEO

Kayode Tokede

Eterna Plc has reassured shareholders of its commitment to remaining competitive despite the challenging economic environment.
This assurance was given by the Chairman of Eterna Plc, Dr. Gabriel Ogbechie, 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  and Chief Executive Officer.

Ogbechie, emphasised 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, Ogbechie noted that Eterna achieved significant progress, with a consolidated operating revenue of N183.3 billion, a 57.4per cent 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 per cent increase from N3.2 billion in 2022.

 Although the company ended the year with a N9.4 billion loss, this was primarily due to FX losses.

 He 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,” he said.

 The new Managing Director / CEO, Mr. Lawal also addressed the shareholders, expressing gratitude for their historical support, contributions and perspectives.

 He assured them that the Board was committed to steering the company back to profitability.