Eterna Plc, a major player in Nigeria’s downstream oil and gas sector, has announced the resignation of Dr. Bunmi Agagu-Adu from her position as Executive Director of the company after two years.
- +Eterna Plc announces resignation of Executive Director Bunmi Agagu-Adu
The regulatory disclosure was formally communicated in a notification dated Tuesday, June 2, 2026, to the Nigerian Exchange Limited (NGX), shareholders, and the investing public.
The regulatory disclosure was formally communicated in a notification dated Tuesday, June 2, 2026, to the Nigerian Exchange Limited (NGX), shareholders, and the investing public.
The notification, signed by Company Secretary David Edet, confirmed that Dr. Agagu-Adu’s resignation took effect from May 25, 2026. The company did not provide additional details regarding the reason for her departure or announce a replacement.
Dr. Agagu-Adu’s tenure at Eterna Plc was marked by contributions to the growth and development of the company across its downstream operations, including retail, lubricants, LPG, and aviation fueling segments.
According to the official statement, the Board of Directors expressed gratitude to Dr. Agagu-Adu for her dedication and commitment during her time with the company.
The disclosure underlines the company’s recognition of her service but did not outline any succession plan for the executive director role.
Dr. Agagu-Adu joined Eterna in 2008 as Corporate Affairs Assistant.
She rose to become the Company Secretary in 2013 and held the position for almost 10 years before Mr Mandella Golkus succeeded her in 2022.
She became the Managing Director, Eterna Industries Limited in 2024 and, as a result, joined the board as executive director.
The sequence of leadership changes reflects Eterna Plc’s ongoing efforts to strengthen its management structure amid strategic expansion and sector reforms.
In December 2025, Eterna Plc announced a N21.52 billion rights issue of 978,108,485 ordinary shares at N22 per share to bolster its balance sheet and fund strategic projects.
The subscription period ran from January 12 to February 18, 2026, with shareholders entitled to three new shares for every four held as of November 27, 2025. All new shares rank pari passu with existing shares.
Proceeds from the rights issue are intended to support network expansion, plant upgrades, ESG initiatives, and working capital, positioning Eterna Plc for growth amid energy transition and downstream competitiveness.
The leadership changes and capital-raising activities signal Eterna Plc’s commitment to strengthening governance, operational efficiency, and long-term resilience in the competitive oil and gas sector.