Eterna Plc has officially opened a ₦21.52 billion Rights Issue, marking a significant milestone in its capital-raising programme and long-term growth strategy.
The Rights Issue comprises 978,108,485 ordinary shares of 50 kobo each, offered at ₦22.00 per share, and is expected to raise approximately ₦21.52 billion. The offer opens on Monday, January 12, 2026, and will close on Wednesday, February 18, 2026.
Existing shareholders are entitled to subscribe for three new ordinary shares for every four shares held as at the close of business on November 27, 2025. All new shares issued will rank pari passu with the company’s existing shares.
The formal signing ceremony for the Rights Issue was held on Tuesday, December 2, 2025, following shareholder approval at the Annual General Meeting on July 24, 2025.
The capital raise follows Eterna Plc’s financial performance in Q3 2025 and the nine-month period, during which the company recorded revenues of ₦55.2 billion and ₦212.8 billion, respectively. The firm maintained profitability despite industry-wide margin pressures, posting a profit before tax of ₦1.39 billion over the nine months.
Proceeds from the Rights Issue will be deployed to support several strategic initiatives, including:
Expansion of Eterna’s retail network
Upgrading the lubricant blending plant
Enhancing LPG retail assets
Acquisition of commercial delivery assets
Expansion of aviation fuelling operations
Investment in ESG-related projects aligned with sustainability goals
A portion of the funds will also serve as working capital to improve day-to-day liquidity, including inventory financing and short-term trade payables, strengthening resilience against market volatility, foreign exchange fluctuations, and potential supply disruptions.
Speaking on the development, Chairman of the Board, Dr. Gabriel Ogbechie, said: “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.”
Despite challenges in the Nigerian downstream oil and gas sector, including fuel price deregulation and global oil price volatility, Dr. Ogbechie noted that Eterna has maintained resilience through diversified operations across fuel distribution, lubricant manufacturing, LPG retailing, and aviation fuelling.
Planet Capital Limited is acting as Lead Issuing House for the Rights Issue, alongside other professional advisers. Eterna Plc remains committed to innovation, operational excellence, and sustainable energy solutions that deliver long-term value to shareholders and stakeholders.
