Nigerian energy company Eterna Plc has appointed Dr. Jude Nwaulune as its new Managing Director and Chief Executive Officer, marking another leadership transition for the downstream oil and gas firm as it pursues expansion across key segments of the energy market.
The appointment took effect on May 14, 2026, according to a statement issued by the company’s Board of Directors. Nwaulune succeeds Olumide Adeosun, who resigned from the role on May 13, 2026.
Eterna said the board expressed appreciation to Adeosun for his “valuable contributions, leadership, and service” during his tenure while wishing him success in his future endeavours.
The appointment comes at a critical period for Eterna as the company intensifies efforts to strengthen its retail operations, expand its liquefied petroleum gas (LPG) footprint, and improve operational efficiency within Nigeria’s evolving energy sector. Earlier this year, the company launched a N21.5 billion rights issue aimed at funding strategic expansion projects, including upgrades to its lubricant blending plant, LPG retail assets, aviation fuelling operations, and commercial delivery infrastructure.
Experienced Industry Executive
Nwaulune joins Eterna with more than 19 years of experience across Nigeria’s downstream petroleum industry, spanning sales, marketing, logistics, business development, and operations management.
Before his appointment, he served as Managing Director of Rainoil Logistics Services Limited, where he played a role in driving logistics operations and market expansion initiatives within the energy sector.
According to Eterna, the new CEO is recognised for his expertise in petroleum retail expansion, LPG market development, bulk storage operations, and nationwide distribution management.
Commenting on the appointment, Chairman of Eterna Plc, Gabriel Ogbechie, said Nwaulune’s leadership experience and strategic insight position him to lead the company through its next phase of growth.
“We are confident that under his leadership, Eterna Plc will continue to strengthen its market position, drive operational excellence, and deliver sustainable value to shareholders and stakeholders,” Ogbechie said.
Nwaulune, in his acceptance remarks, described the appointment as an honour and pledged to work closely with the board, employees, customers, and stakeholders to sustain the company’s growth momentum.
Leadership Changes Continue at Eterna
The latest appointment represents Eterna’s third major CEO transition in roughly two years.
In 2024, the company appointed Abiola Lawal as Managing Director/CEO following the resignation of Benjamin Nwaezeigwe.
Adeosun later succeeded Lawal in early 2025 after previously serving as Group Executive Director at Rainoil Limited and chairman of the Major Energy Marketers Association of Nigeria.
The frequent leadership changes come as energy firms in Nigeria continue to navigate foreign exchange volatility, subsidy reforms, fluctuating fuel pricing structures, and increasing competition in the downstream sector.
Despite these challenges, Eterna has maintained an aggressive growth strategy. At its 2026 Annual General Meeting, shareholders approved a dividend payment of 50 kobo per share and renewed mandates supporting the company’s operational flexibility.
The company has also continued investing in retail network expansion and energy infrastructure as it positions itself for long-term growth within Nigeria’s transitioning energy landscape.
Nwaulune holds a Bachelor’s degree in Business Administration from Ambrose Alli University, Ekpoma, a Postgraduate Diploma in Journalism from the Nigerian Institute of Journalism, as well as a Master’s degree in Marketing Communications and a PhD in Strategic Marketing Management from Babcock University.
He is also a member of several professional bodies, including the Chartered Institute of Logistics and Transport, the Nigerian Institute of Management, the Nigerian Institute of Public Relations, and the National Institute of Marketing of Nigeria.
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