11 Plc’s Oyebanji bows out after 45 years in oil and gas

Adetunji Oyebanji, the longest-serving chief executive in 11 Plc’s modern history, will retire effective March 31, 2026, ending a 45-year career that began on the shop floor of what was then Mobil Oil Nigeria Plc and culminated in steering one of West Africa’s most recognised downstream energy brands through its most consequential ownership transition in decades.

The company disclosed the development in a regulatory notice signed by Chris Meseko, the company’s secretary, addressed to NASD Plc and the investing public on March 3, 2026.

The Board of Directors described Oyebanji’s departure as the close of a chapter defined by unwavering commitment, passion, and expertise, while wishing him well in retirement.

From trainee to chief executive

Oyebanji joined Mobil Oil Nigeria Plc in 1980 as a Marketing Representative Trainee, a modest entry point for a career that would span continents and corporate transformations.

Over four decades, he climbed through roles including planning associate, pricing manager, district manager, branch manager, manager of fuels services, and executive director of fuels, assembling along the way a portfolio of operational and strategic experience that few executives in the Nigerian downstream sector can match.

His ascent to the very top came in October 2008, when he was appointed chairman and managing director of Mobil Oil Nigeria Plc. The appointment was a landmark: a home-grown talent running an affiliate of one of the world’s most powerful energy majors.
When ExxonMobil divested its downstream retail business and the company was rebranded as 11 Plc, Oyebanji was reconfirmed as managing director and chief executive officer in April 2017, a vote of confidence by the new ownership that underscored his institutional value.

Oyebanji’s résumé extends well beyond Nigerian borders. At different stages of his career he served as a project associate at Mobil Oil Corporation’s headquarters in Fairfax, Virginia, and as Manager of Planning for Mobil Africa Sales Inc.

He also held executive roles at Mobil Oil Cameroon and Mobil Oil Ethiopia before assuming a global brief as manager of industrial and wholesale fuels for Africa and the Middle East, based in Belgium and reporting to the company’s Global Industrial and Wholesale Manager.

The international postings gave him a granular understanding of how frontier energy markets behave, insight that proved critical as 11 Plc navigated Nigeria’s perennially volatile downstream landscape.

Industry statesman

Beyond the boardroom, Oyebanji has spent years building Nigeria’s corporate governance infrastructure. He currently serves as president and chairman of Council of the Chartered Institute of Directors Nigeria, a role that positions him as the country’s foremost advocate for professional directorship standards.

He is a Fellow of the Chartered Institute of Directors (F.CIoD), a designation that appears prominently in his professional title.

His sectoral engagement has been equally broad. He previously chaired the Major Energy Marketers Association of Nigeria and the Petroleum Downstream Group of the Lagos Chamber of Commerce and Industry (LCCI).

He served as a Council member of both the Nigerian Institute of Management and the LCCI, and sat on the board of the Society for Corporate Governance Nigeria for over a decade. That record of public service has made him one of the more recognisable faces in Nigeria’s energy policy circles.

What comes next for 11 Plc

11 Plc, formerly Mobil Oil Nigeria Plc, describes itself as a leading player in the Nigerian oil and gas industry with a history spanning more than six decades. The company, listed on the NASD OTC Securities Exchange, operates a network of retail outlets, lubricants manufacturing, and commercial fuel sales across Nigeria.

Its Board acknowledged that Oyebanji’s legacy will continue to inspire future generations, suggesting the outgoing chief’s cultural imprint on the organisation runs deep.

The company has not yet announced a successor. The transition comes as Nigeria’s downstream sector grapples with the phased removal of fuel subsidies, currency volatility, and intensifying competition following the deregulation of petrol prices, a suite of challenges that will demand immediate attention from whoever inherits the corner office at 11 Plc’s Lagos headquarters.