Eterna Plc has announced the resignation of Dr. Bunmi Agagu-Adu from its Board of Directors, bringing to a close a leadership tenure that spanned several key positions within the company and covered nearly two decades of service.

The downstream oil and gas company disclosed the development in a regulatory filing submitted to the Nigerian Exchange Limited (NGX), shareholders and the investing public, confirming that the resignation took effect on May 25, 2026.

The company stated that Dr. Agagu-Adu stepped down from her role as Executive Director after serving on the board for approximately two years. No reason was provided for her departure, and the company did not immediately announce a successor to fill the vacant board position.

The disclosure forms part of Eterna Plc’s statutory obligation to keep shareholders and the capital market informed of significant corporate developments and changes in its leadership structure.

In its notification, the company acknowledged Dr. Agagu-Adu’s contributions to the organisation and expressed appreciation for her service during her time as a member of the board.

The Board of Directors noted that her commitment, professionalism and contributions supported the growth and development of the company during a period marked by strategic initiatives and operational expansion.

The company also conveyed its best wishes for her future endeavours, recognising her role in advancing various aspects of the organisation’s operations over the years.

Dr. Agagu-Adu’s departure marks the end of a long professional association with Eterna Plc, having joined the company in 2008 and progressed through several leadership positions before becoming a board member.

She began her career at Eterna as a Corporate Affairs Assistant and steadily advanced through the organisation, taking on increasing responsibilities across different areas of corporate administration and governance.

Her rise through the ranks reflected her extensive involvement in the company’s corporate affairs, regulatory compliance activities and strategic management functions.

In 2013, she was appointed Company Secretary, a position she held for nearly a decade.

During her tenure as Company Secretary, she played a key role in overseeing corporate governance processes, regulatory filings, board administration and compliance obligations.

Her stewardship in the role coincided with a period of significant transformation within the company and the broader downstream petroleum industry.

Following years of service in corporate governance and administration, Dr. Agagu-Adu moved into executive management responsibilities.

She was appointed Managing Director of Eterna Industries Limited, a subsidiary of Eterna Plc, in 2024.

The appointment expanded her responsibilities beyond governance and administration to include direct oversight of business operations and strategic execution.

Her elevation to the position also led to her appointment to the board of Eterna Plc as an Executive Director.

As a member of the board, she participated in strategic decision-making and corporate leadership activities while contributing to the implementation of the company’s growth agenda.

Throughout her executive tenure, Eterna Plc continued to operate across several segments of the downstream petroleum value chain, including fuel retailing, lubricants production and distribution, liquefied petroleum gas operations and aviation fuelling services.

The company has maintained a presence in Nigeria’s downstream oil and gas sector through investments aimed at strengthening operational capacity and improving service delivery across its business units.

Dr. Agagu-Adu’s resignation comes during a period of leadership transition within the organisation.

The development follows the recent appointment of Dr. Jude Nwaulune as Managing Director and Chief Executive Officer of Eterna Plc.

Dr. Nwaulune assumed office on May 14, 2026, succeeding Mr. Olumide Adeosun, who stepped down from the role a day earlier.

His appointment formed part of the company’s succession and leadership renewal process as it seeks to strengthen management capacity and position itself for future growth opportunities.

Before joining Eterna Plc as Managing Director and Chief Executive Officer, Dr. Nwaulune served as Managing Director of Rainoil Logistics Services Limited.

His experience in downstream petroleum operations, logistics management and corporate leadership is expected to support the company’s strategic objectives within a competitive industry environment.

The recent changes in Eterna’s leadership structure highlight ongoing efforts by the company to enhance organisational effectiveness and align management capabilities with long-term business goals.

Nigeria’s downstream petroleum sector continues to undergo significant transformation driven by regulatory reforms, infrastructure investments and evolving market dynamics.

Industry participants have increasingly focused on operational efficiency, product diversification, supply chain optimisation and customer service improvements as competition intensifies across the sector.

Companies operating within the industry have also been investing in leadership development and corporate restructuring initiatives aimed at improving governance standards and strengthening institutional capacity.

Eterna Plc remains one of the established operators in the sector, maintaining activities across multiple business segments while adapting to changing market conditions.

The company has continued to pursue initiatives designed to strengthen operational performance and improve shareholder value through strategic investments and business expansion efforts.

While the company has not yet announced plans regarding the replacement of Dr. Agagu-Adu on the board, stakeholders are expected to monitor future disclosures relating to governance and leadership appointments.

Corporate governance experts note that leadership transitions are a normal aspect of organisational development and often provide opportunities for strategic renewal and institutional growth.

For Eterna Plc, the resignation represents the departure of a long-serving executive whose career within the organisation spanned several important phases of its corporate evolution.

As the company moves forward under its current leadership structure, attention is expected to remain focused on the execution of its business strategy, operational priorities and continued participation in Nigeria’s evolving downstream petroleum market.