By Ayomide Otitoju
Eterna Plc has officially opened its ₦21.52 billion Rights Issue, a key milestone in its capital-raising strategy aimed at strengthening the company’s balance sheet and supporting business expansion.
The offer comprises 978,108,485 ordinary shares of 50 kobo each, priced at ₦22.00 per share, and is expected to raise approximately ₦21.52 billion. Existing shareholders are entitled to subscribe for three new shares for every four held as of November 27, 2025. The Rights Issue opens on Monday, January 12, 2026, and closes on Wednesday, February 18, 2026.
The initiative follows shareholders’ approval at the Annual General Meeting on July 24, 2025, and a formal signing ceremony held on December 2, 2025. Eterna Plc’s recent financial performance reflects sustained profitability, with Q3 2025 revenue of ₦55.2 billion and nine-month revenue of ₦212.8 billion, generating a profit before tax of ₦1.39 billion despite industry-wide margin pressures.
Proceeds from the Rights Issue will fund strategic projects, including the expansion of the retail network, upgrades to the lubricant blending plant, enhancement of LPG retail assets, acquisition of commercial delivery assets, growth of aviation fuelling operations, and investment in ESG-related initiatives. Part of the funds will also serve as working capital to boost operational liquidity and resilience against market volatility, foreign exchange fluctuations, and supply disruptions.
“This Rights Issue marks a significant step forward in our long-term strategy to consolidate Eterna’s leadership in the downstream energy sector,” said Chairman Dr. Gabriel Ogbechie. “It will enable us to pursue growth across our value chain while delivering sustained value to shareholders.”
Despite challenges in Nigeria’s downstream oil and gas sector, including fuel price deregulation and global oil price volatility, Dr. Ogbechie highlighted the company’s resilience through its diversified operations in 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 for long-term shareholder and stakeholder value.
