The development was disclosed in a notice signed by the Company Secretary and addressed to NASD Plc and the investing public on March 3, 2026. According to the notice, Oyebanji’s retirement will take effect on March 31, 2026, bringing to a close a 45-year career with the organisation.
The Board of Directors of 11Plc expressed profound appreciation to Oyebanji for his leadership and longstanding contributions, noting that his tenure had played a significant role in shaping the company’s growth and strategic direction. The board also wished him success in his future endeavours as he steps down from active corporate leadership.
Oyebanji’s association with the company dates back to 1980, when he joined the then Mobil Oil Nigeria Plc as a Marketing Representative Trainee. Over the years, he rose through the ranks, occupying several key positions including Planning Associate, Pricing Manager, District Manager, Branch Manager, Manager of Fuels Services, and Executive Director, Fuels.
In October 2008, he was appointed Chairman and Managing Director of Mobil Oil Nigeria Plc. Following the divestment of ExxonMobil from the Nigerian downstream business, the company was rebranded as 11Plc, and Oyebanji assumed the role of Managing Director and Chief Executive Officer in April 2017.
His leadership during that period was described by the board as instrumental in guiding the company through a phase of transformation and consolidation within Nigeria’s competitive downstream oil and gas sector.
Beyond his corporate responsibilities at 11Plc, Oyebanji has played prominent roles in professional and industry organisations. He currently serves as the President and Chairman of the Council of the Chartered Institute of Directors Nigeria.
He also previously served as Chairman of the Major Energy Marketers Association of Nigeria and chaired the Petroleum Downstream Group of the Lagos Chamber of Commerce and Industry. In addition, he has served as a council member of the Nigerian Institute of Management and the LCCI, while also sitting on the board of the Society for Corporate Governance Nigeria for more than a decade.
Oyebanji’s career has also included several international assignments. At different stages, he served as a Project Associate at Mobil Oil Corporation’s headquarters in Fairfax, Virginia, United States, and later as Manager of Planning at Mobil Africa Sales Inc. His international experience further extended to executive roles at Mobil Oil Cameroon and Mobil Oil Ethiopia.
He subsequently assumed a broader regional role as Manager for Industrial and Wholesale Fuels covering Africa and the Middle East, based in Belgium and reporting to the global leadership of the division.
In its statement, the Board of 11Plc said it remains grateful for Oyebanji’s dedication, professionalism, and the legacy he leaves behind after decades of service. The company noted that his career stands as a testament to commitment, expertise, and leadership within Nigeria’s oil and gas industry.
Formerly known as Mobil Oil Nigeria Plc, 11Plc is a key participant in Nigeria’s downstream petroleum sector, involved in the marketing and distribution of refined petroleum products across the country.