11 Plc Set for Leadership Transition As Osagie Ogedegbe Emerges Acting MD, Oyebanji Retires
11 Plc is set for a leadership transition with the emergence of Osagie Ogedegbe as Acting Managing Director, ahead of the retirement of its long-serving chief executive, Adetunji Oyebanji, on March 31, 2026.
Although the appointment has yet to be officially communicated to the public, Ogedegbe is expected to assume leadership of the company effective April 1, marking a new phase for the downstream oil and gas firm.
Until his elevation, Ogedegbe served as General Manager, Operations at 11 Plc, where he oversaw terminal operations and distribution systems, particularly in Lagos. He is widely regarded as a seasoned professional in Nigeria’s downstream petroleum sector, with extensive experience in operations and industry coordination.
Beyond his corporate role, he has played a prominent part in industry engagements as Chairman of the Major Energies Marketers Association of Nigeria (MEMAN) Apapa Operations Committee. In that capacity, he has led initiatives focused on safety, technical standards, and operational efficiency within the Apapa corridor—Nigeria’s key petroleum distribution hub.
Ogedegbe is also known for his contributions to safety management across the downstream sector, including firefighting systems, depot security, and safe product handling. He has frequently represented 11 Plc in engagements with regulators such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), helping to shape industry best practices.
His emergence comes as Oyebanji bows out after a distinguished 45-year career that began at Mobil Oil Nigeria Plc and culminated in leading 11 Plc through a major ownership transition following ExxonMobil’s divestment.
Oyebanji joined the company in 1980 as a Marketing Representative Trainee and rose through the ranks to occupy several strategic positions, including planning associate, pricing manager, district manager, branch manager, and executive director of fuels.
He was appointed Chairman and Managing Director in October 2008, becoming one of the few Nigerians to head an affiliate of a global oil major. Following the company’s transition to 11 Plc in 2017, he was retained as Managing Director and Chief Executive Officer, underscoring his strategic importance to the organisation.
Over the course of his career, Oyebanji also held international assignments in the United States, Cameroon, Ethiopia, and Belgium, where he managed industrial and wholesale fuels operations for Africa and the Middle East.
Beyond the corporate sphere, he has been a key figure in Nigeria’s corporate governance landscape, currently serving as President and Chairman of Council of the Chartered Institute of Directors Nigeria. He has also held leadership roles in major industry bodies, including MEMAN and the Lagos Chamber of Commerce and Industry.
The leadership transition comes at a pivotal time for Nigeria’s downstream sector, which is adjusting to the realities of fuel subsidy removal, exchange rate volatility, and increased competition following the deregulation of petrol prices.
11 Plc, formerly Mobil Oil Nigeria Plc, remains a major player in the sector, with operations spanning retail fuel distribution, lubricants manufacturing, and commercial fuel sales nationwide.
Industry observers say the incoming leadership will be expected to navigate a rapidly evolving market landscape, where operational efficiency, regulatory compliance, and strategic adaptability will be critical to sustaining growth.
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