Eterna Plc, a leading integrated energy company, has officially opened its Rights Issue, marking a major 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 N22.00 per share, and is expected to raise approximately N21.52bn. The company said the exercise is aimed at strengthening its balance sheet and supporting strategic expansion across its business segments.
A statement from the firm on Sunday stated that the offer opens today, Monday, January 12, 2026, and will close on Wednesday, February 18, 2026. Under the terms of the offer, existing shareholders are entitled to subscribe for three new ordinary shares for every four ordinary shares held as at the close of business on November 27, 2025. All new shares issued under the Rights Issue will rank pari passu with Eterna Plc’s existing ordinary shares.
The formal signing ceremony for the Rights Issue was held December 2, 2025, following shareholders’ approval at the company’s Annual General Meeting on July 24, 2025.
The capital raise follows Eterna Plc’s resilient financial performance in the third quarter of 2025 and the nine-month period ended September 2025. The company recorded revenue of N55.2bn in Q3 and N212.8bn for the nine-month period. It also sustained profitability over the period, posting a profit before tax of N1.39bn despite an industry-wide decline in margins.
According to the company, 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 on the development, the Chairman of the Board, Dr Gabriel Ogbechie, OON, said 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.
Despite challenges in the Nigerian downstream oil and gas sector, including fuel price deregulation and global oil price volatility, Eterna Plc has continued to demonstrate resilience through its diversified operations spanning fuel distribution, lubricant manufacturing, LPG retailing, and aviation fuelling.
Planet Capital Limited is acting as the Lead Issuing House to the Rights Issue, alongside other professional advisers.
Eterna Plc said it remains committed to innovation, operational excellence, and sustainable energy solutions that create long-term value for its shareholders and other stakeholders.
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