Eterna Plc has launched a ₦21.52 billion Rights Issue, marking a key step in its capital-raising programme and long-term growth strategy.
The Chairman, 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 ₦22.00 per share.
Mr Ogbechie stated that the offer opens on Monday, 12 Jan and closes on Wednesday, 18 Feb.
Existing shareholders may subscribe for three new shares for every four shares held as at 27 Nov 2025.
All shares issued under the Rights Issue will rank pari passu with Eterna’s existing ordinary shares.
The News Agency of Nigeria (NAN) reports that the signing ceremony was held on 2 December 2025, following shareholders’ approval at the 24 July 2025 AGM.
Mr Ogbechie said the fundraising followed resilient financial performance despite headwinds in the downstream oil and gas sector.
Eterna recorded ₦55.2 billion revenue in the third quarter of 2025 and ₦212.8 billion for the nine months, with profit before tax of ₦1.39 billion.
Mr Ogbechie said proceeds would fund retail network expansion, lubricant plant upgrades and enhanced LPG retail assets. Other investments include commercial delivery assets, aviation fuel expansion, and environmental, social, and governance projects.
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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, Mr 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.
(NAN)
