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.
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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.
What they are saying
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.
- “Eterna Plc hereby notifies NGX, its shareholders, and the investing public of the resignation of Dr. Bunmi Agagu-Adu as Executive Director of the Company, effective 25 May 2026,” the statement read.
- “The Board expresses its sincere appreciation to Dr. Agagu-Adu for her dedicated service, commitment, and valuable contributions to the growth and development of the Company during her tenure. The Board wishes her continued success in all her future endeavours.”
The disclosure underlines the company’s recognition of her service but did not outline any succession plan for the executive director role.
Get up to speed
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.
- Dr. Agagu-Adu’s resignation follows closely after Eterna Plc announced the appointment of Dr. Jude Nwaulune as its new Managing Director and CEO, effective May 14, 2026.
- Dr. Nwaulune succeeded Mr. Olumide Adeosun, who stepped down on May 13, 2026.
- Prior to his appointment as Managing Director and CEO, Dr. Nwaulune served as Managing Director of Rainoil Logistics Services Limited, bringing experience in downstream operations and corporate leadership to Eterna Plc.
The sequence of leadership changes reflects Eterna Plc’s ongoing efforts to strengthen its management structure amid strategic expansion and sector reforms.
What you should know
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.
