Firm Lists 882.06m Additional Shares On Nigerian Exchange

Eterna Plc has listed 882.06 million additional shares on the Nigerian Exchange (NGX), increasing its total issued share capital and expanding its market float.

The listing follows the company’s recent capital raising exercise aimed at strengthening its balance sheet.

NGX, in its weekly report dated May 22, 2026, stated that trading licence holders are hereby notified that an additional 882.064 million ordinary shares of 50 kobo each of Eterna Plc were, on May 20, 2026, listed on the daily official list of Nigerian Exchange Limited.

It added that the additional shares arose from the Company’s rights issue of 978.108 million ordinary shares of 50 kobo each at N22.00 per share, on the basis of three new ordinary shares for every four existing ordinary shares held as at the close of business on November 27, 2025, recording 90.18 per cent subscribed.

“With the listing of the additional 882.064 million ordinary shares, the total issued and fully paid-up shares of Eterna have now increased from 1.304 billion to 2.186 billion ordinary shares of 50 kobo each,” the report said.

Eterna had earlier said that the proceeds from the rights issue will be deployed to support several strategic initiatives, including the expansion of its retail network, the upgrading of its lubricant blending plant, the enhancement of LPG retail assets, the acquisition of commercial delivery assets, the expansion of aviation fuelling operations, and investments in ESG-related projects aligned with its sustainability goals.

A portion of the funds will also be used as an operational working capital buffer to enhance day-to-day liquidity, including inventory financing and short-term trade payables. The company said this would strengthen its resilience against market volatility, foreign exchange fluctuations, and potential supply disruptions.

Speaking, the chairman of the Board, Dr Gabriel Ogbechie, noted that the rights issue represented a critical step in the company’s growth journey.

“This Rights Issue marks a significant step forward in our long-term strategy to consolidate Eterna’s leadership position in the downstream energy sector. It will enable us to pursue growth opportunities across our value chain while delivering sustained value to our shareholders,” he said.