Eterna Launches N21.52bn Rights Issue

Eterna Plc has launched a N21.52 billion Rights Issue, marking a key step in its capital-raising programme and long-term growth strategy.

The chairman, Dr Gabriel Ogbechie, confirmed this in a statement issued in Lagos on Sunday, describing the offer as “pivotal” to strengthening finances.

He said the Rights Issue would accelerate strategic expansion and reinforce the company’s balance sheet amid industry challenges.

The offer comprises 978,108,485 ordinary shares of 50 kobo each, priced at N22.00 per share.

Ogbechie stated that the offer will open on Monday, January 12, and close on Wednesday, February 18.

Existing shareholders may subscribe for three new shares for every four shares held as at Nov. 27, 2025.

All shares issued under the Rights Issue will rank pari passu with Eterna’s existing ordinary shares.

The signing ceremony was held on Dec. 2, 2025, following shareholders’ approval at the July 24, 2025 AGM, News Agency of Nigeria reports.

Ogbechie said the fundraising effort followed resilient financial performance despite headwinds in the downstream oil and gas sector.

Eterna recorded N55.2 billion revenue in third-quarter 2025 and N212.8 billion for nine months, with profit before tax of N1.39 billion.

Ogbechie said proceeds would fund retail network expansion, lubricant plant upgrades and enhanced LPG retail assets.

Other investments include commercial delivery assets, aviation fuelling expansion and environmental, social and governance projects.

Part of the funds will support working capital, inventory financing and short-term trade obligations.

He said this would improve resilience against market volatility, foreign exchange pressures and supply disruptions.

“This Rights Issue marks a significant step in consolidating Eterna’s leadership in the downstream energy sector.

“It will enable growth across our value chain while delivering sustained value to shareholders,” he said.

Despite deregulation and oil price volatility, Ogbechie said Eterna remains resilient due to its diversified operations.

Planet Capital Ltd. is acting as Lead Issuing House, alongside other professional advisers.

Eterna reaffirmed its commitment to innovation, operational excellence, and sustainable energy solutions, thereby fostering long-term stakeholder value.