15 February 2007

Nigeria: Elumelu Urges Support for Eterna Oil

The Group Managing Director, UBA Plc Mr. Tony Elumelu has called for the support of all stakeholders to the growth and development of Eterna Oil and Gas; a public quoted company that engages in the manufacturing of lubricating oils and petro-chemicals, importation and sale of fuels in the downstream sector of the Nigeria oil and gas industry.

A statement from the bank said he spoke before he unveiled the company's new corporateidentity in Lagos Tuesday. The UBA helmsman said the support is critical when a company is being turned-around especially by new investors. Taking the people down memory lane, Mr. Elumelu said the unveiling ceremony is akin to a similar journey embarked upon by him and others about 10years ago.

Referring to the birth of legacy Standard Trust Bank Plc, Mr. Elumelu said, "When we started, we approached quite a number of people to buy into our dream and support us, some did, others did not, but I am glad to say that the initial investment of those who did have grown tremendously over the years".

"Meanwhile Eternal Oil's new logo has three sails represented by three colours; Green, Orange and Golden Yellow. According to the MD/CEO of Eterna Oil & Gas,

Alhaji Boyi the sails represents the attempt to harness natural resources for movement whilst also representing a sense of freedom and timelessness. On colours he revealed that its colour Green represents growth and development; Orange for ambition and

confidence whilst it's Golden Yellow is for optimism, innovation and opportunity," the statement said.

"The choice of Mr. Elumelu to unveil the new identity, according to him, was

predicated on the fact that he shares a lot of qualities such as boldness, high performance, youthfulness and innovation, with the company's new brand image."

"Eterna Oil and Gas Plc has had a checkered history since its incorporation in 1989 leading to the slide in fortunes at various times. In August 2004 a group

of investors under the Special Purpose Vehicle (SPV), Lenux Intergrated Resources Ltd acquired 47.2% of the company shares and began restructuring initiatives

which culminated in the unveiling of a new logo and the launch of a new range of lubricants into the market."

"According to Alhaji Boyi, some of the initiatives which include management restructuring, reorganization and capacity building as well as upgrading of blending plants and acquisition of retail outlets have seen turnover grow from N200million to N3billion in 2006," the statement concluded.

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