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ETERNA oil appoints new MD as Boyi steps down

By Yemie Adeoye
FOLLOWING the    recent  resignation of Mr. Ibrahim Boyi as the Managing Director of Eterna Oil Plc, The Board of Directors have announced the appointment of Mr. Mahmud Bamanga Tukur as the successor to the outgoing Managing Director/CEO, Mr.Ibrahim Boyi who steps down from the position after 5 years of service to the Company.

This announcement is part of a succession plan which the Board of Eterna Plc commenced a while ago to ensure that the long term strategic goals of the Company remain sustainable despite major financial and operational challenges facing the business environment.

The outgoing Managing Director joined the Company in 2005 on the back of the Company’s core investor, Lenux Integrated Resources Ltd, as part of the turn-around team. Mr. Boyi is expected to retire shortly, handing over the reins of control as Eterna’s MD/CEO to his successor, Mr. Tukur.

Prior to his appointment, Mr. Boyi worked with the Oando Group where he had served for 15 years, 5 of which were at executive capacity.

Since his appointment, Eterna has gained prominence as a strong and competent player in the downstream sector of the Nigerian Energy market. Under his leadership, the Company experienced an increase in annual turnover from under N200m in 2004 to over N12b as at the end of 2009 as well as a growth in its fixed assets base from under N400m to N7b in the same period.

The period also saw the company’s emergence as an integrated downstream player with sizeable retail outlets, coastal storage depots, lubricants plant, LPG trading and aviation facilities.

spite the capital market downturn and general investor apathy. His determination and drive for success has ensured that Eterna today, is well equipped to face the challenges posed by the financial and business environment in the country.

The incoming MD/CEO, Mr. Mahmud Tukur is a joint honours graduate of Accounting & Management from the prestigious Business School of the University of Wales College, Cardiff. He has a solid track record of business success, well-developed organisational skills and has garnered a wealth of skills and experience over the past 16 years in the Oil & Gas and Maritime sectors, all of which experience will be brought to bear on his new position.

The Board of the Company is confident that Mr. Tukur’s appointment as Managing Director will provide the impetus required to drive the company on a course to profitability, providing the necessary climate of confidence and making adequate returns to investors. In view of Mr. Tukur’s experience as a Director for the last 5 years (also representing our core investor, Lenux) and a member of the Company’s Tender & Establishment and Audit Committees, it is expected that the succession will be smooth and seamless.

Mr. Tukur has served for a number of years as the MD/CEO of Daddo Maritime Services Limited, a foremost indigenous maritime services company, Vice Chairman of Ecomarine Group, a shipping line and Terminal Operator with operations throughout West Africa and Executive Director of Independent Energy Limited (IEL), an indigenous oil exploration and production company.

IEL is the operator of the Ofa marginal field. Mr. Tukur is also a non executive director of several other companies including Dragnet Solutions Ltd. and MicroAccess Ltd.


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