Eterna Plc, a leading Nigerian oil and gas company, has received shareholder approval to raise up to ₦50 billion through a mix of capital market instruments and funding strategies. The approval was granted at the company’s 32nd Annual General Meeting (AGM) held on Thursday, July 24, 2025, according to a corporate disclosure filed with the Nigerian Exchange (NGX).
Diverse Funding Options Approved
The capital raise may be executed in one or more tranches through public offerings, private placements, rights issues, or shareholder loans. The company stated that funds could be sourced either locally or internationally, with final pricing to be determined via book building or other valuation methodologies.
The structure, timing, interest rates, and maturity profiles of the funding instruments will be decided by the Board of Directors, which has been granted broad powers to oversee the capital injection and its associated processes.
Share Capital Increase and Rights Issue Option
To facilitate the capital raise, shareholders approved an increase in the company’s authorised share capital by the exact number of ordinary shares required for the exercise. The Board will manage the allotment of these shares, ensuring alignment with the agreed funding structure.
As part of the strategy, the Board also approved the use of a Rights Issue, allowing existing shareholders to purchase additional shares. In the event that some shareholders do not take up their rights within the designated period, the unclaimed shares may be offered to other interested shareholders. Any remaining shares may then be offered to new investors on similar terms.
The Board is also empowered to:
- List the new shares on the Nigerian Exchange and other eligible markets
- Appoint financial and legal advisers
- Finalize the offer structure
- Meet all regulatory compliance requirements
- Register share capital increases in phases with the Corporate Affairs Commission (CAC)
Governance and Financial Reporting Highlights
At the AGM, shareholders reviewed and approved Eterna’s audited financial statements for the financial year ended December 31, 2024. The meeting also addressed several key governance issues:
- Ratification of new director appointments
- Re-election of existing directors
- Appointment of PricewaterhouseCoopers (PwC) as independent external auditors for 2025
- Election of members to the statutory audit committee
- Approval of director remuneration
These resolutions underscore Eterna's commitment to robust governance and operational transparency as it moves into a new phase of growth.
Positioning for Growth and Market Leadership
The planned ₦50 billion capital raise is expected to strengthen Eterna’s balance sheet, enhance liquidity, and provide the company with the financial flexibility to execute its long-term growth strategy in Nigeria’s evolving energy landscape.
Eterna’s strategic funding initiative comes at a time when the oil and gas industry is adjusting to global shifts in energy demand, price volatility, and regulatory reforms. With expanded capital resources, the company is better positioned to scale operations, pursue asset acquisitions, invest in infrastructure, and support Nigeria’s broader energy transition goals.
This development reflects shareholder confidence in the company’s leadership and strategic direction, and sets the stage for a transformative chapter in Eterna’s corporate evolution.