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Preline acquisition triggers board reshuffle in Eterna Plc

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Eterna Plc has reshuffled its company board following the majority acquisition of the oil and gas firm by Preline Limited, which now controls 60.9 percent of the company.

Ripples Nigeria had reported two months ago that a management overhaul looms in Eterna due to the acquisition of 794.96 million shares announced in November last year.

A total of 794,969,774 ordinary shares were purchased from seven shareholding firms; Lenux Integrated Resources Limited, Global Energy & Raw Materials Limited and Meristem Wealth Management Limited.

Radix Capital Partners Limited, GASL Nominee Limited, GTI Capital Limited, and Cardinalstone Partners Limited were also among the shareholders which sold their stakes.

With the 60.9 percent stake in the control of Preline, Eterna announced Gabriel Ogbechie as its Chairman and Nnamdi Obiagwu is the Managing Director and Chief Executive Officer.

Other changes made saw Phoebean IfeadI becoming Executive Director, Corporate Services, Anibor Kragha; Independent Non -Executive Director, Okechukwu Omezi; Independent Non-Executive Director, Godrey Ogbechie; Non-Executive Director, and Emmanuel Omuojine; Non-Executive Director.

Read also: Management shake up looms at Eterna Plc as many shareholders sell to new investor

Ogbechie has over 30 years corporate experience in the oil and gas industry, and he is the founder and Group Managing Director of Rainoil Limited.

The chairman previously worked for PricewaterhouseCoopers and Ascon Oil Limited, and is a pioneer member of the Lagos Business School.

Obiagwu had worked for Mobil Oil Nigeria Plc (an ExxonMobil subsidiary) as a Lubrication Sales Engineer before leaving to establish COMACO Advisory Ltd, a company that provides corporate advisory services to Oil & Gas and other sectors.

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