Adetunji Oyebanji, the long-serving chief executive of 11 Plc, will step down from his role on March 31, 2026, bringing to an end a career in the oil and gas industry that has lasted more than four decades.
The company announced his retirement in a regulatory filing to the NASD OTC Securities Exchange and the investing public. In the notice signed by company secretary Chris Meseko, the board praised Oyebanji for his years of service and described his tenure as one marked by dedication, experience and leadership.
Oyebanji began his journey in the industry in 1980 when he joined Mobil Oil Nigeria Plc as a marketing representative trainee. Over the years, he advanced through several operational and management roles, including planning associate, pricing manager, district manager, branch manager and manager of fuels services.
His career progression eventually led him to senior leadership positions, including executive director of fuels. In October 2008, he was appointed chairman and managing director of Mobil Oil Nigeria Plc.
When ExxonMobil later exited its downstream retail operations in Nigeria and the company was rebranded as 11 Plc, Oyebanji was retained as managing director and chief executive officer in 2017, continuing to lead the organisation under its new ownership.
During his career, he also held international assignments within the Mobil network. These included roles at the company’s headquarters in Fairfax, Virginia, as well as positions in Cameroon and Ethiopia. He also served in a regional capacity overseeing industrial and wholesale fuels operations for Africa and the Middle East while based in Belgium.
Outside his executive duties, Oyebanji has been active in corporate governance and industry organisations. He currently serves as president and chairman of the council of the Chartered Institute of Directors Nigeria and holds the institute’s fellowship designation.
He has also previously led the Major Energy Marketers Association of Nigeria and the Petroleum Downstream Group of the Lagos Chamber of Commerce and Industry, while contributing to several professional bodies in the country.
11 Plc, formerly Mobil Oil Nigeria Plc, operates in fuel marketing, lubricants manufacturing and commercial fuel supply across Nigeria. The company said Oyebanji’s leadership has left a lasting influence on its operations and corporate culture.
A successor to the outgoing chief executive has not yet been announced as the company prepares for leadership transition at a time when Nigeria’s downstream oil sector is undergoing major changes following fuel subsidy removal and increasing market competition.
