Oil Firm Grows Amid Fiscal Reforms, Posts N302.4bn Earnings

Indigenous oil firm and its shareholders are riding on fiscal reforms especially in the downstream oil industry to boost investment and drive growth.

Shareholders of Eterna Plc at its 33rd Annual General Meeting (AGM), approved the Company’s Audited Financial Statements for the year ended 31 December 2025, alongside other resolutions presented by the Board.

The meeting provided an opportunity for the Company to reflect on its performance for the 2025 financial year, strategic milestones achieved across its business operations, and its outlook for sustained growth within Nigeria’s evolving energy landscape.

Speaking at the virtual AGM, the Chairman of Eterna Plc, Gabriel Ogbechie, noted that the Company remained resilient amidst a dynamic operating environment shaped by geopolitical tensions disrupting energy trading, economic reforms, pricing volatility, and industry-wide transitions within the downstream sector.

He stated that Eterna Plc recorded a revenue of N302.4 billion in 2025, supported by operational efficiency initiatives, disciplined execution of business strategy, and continued growth across key business segments.

“Our performance underscores the strength of our business, driven by the unwavering dedication of our people and the consistent execution of our long-term strategic vision. We remain committed to building a stronger, more sustainable business that continues to deliver value to shareholders,” he said.

The chairman also highlighted the Company’s commitment to sustainability, operational excellence, and long-term expansion through investments in retail growth, aviation operations, lubricants, LPG expansion, and ESG-focused initiatives.

At the meeting, the Chairman declared the Board approved full year dividend of N0.50 per share to all shareholders whose names appear in the Register of Members as at the close of business on Monday, April 13, 2026, subject to the deduction of appropriate withholding tax.

Commenting on the Company’s outlook, the managing director/chief executive officer, Olumide Adeosun, stated that Eterna Plc remains strategically positioned to maximise emerging opportunities within the industry through its mid-term strategic focus on asset expansion and sustainability, precisely the expansion of our retail station footprint and transformation of select existing stations to flagships.

“The Company will continue to strengthen its operational capacity through targeted investments across its retail network, lubricant operations, aviation business, and other growth-focused initiatives aimed at enhancing efficiency and creating long-term stakeholder value,” he stated.

Shareholders at the meeting commended the Board and Management for the Company’s performance, strategic direction, and commitment to sustainable growth.

Eterna Plc is committed to delivering innovative energy solutions, operational excellence, and sustainable value creation across its business operations.