Eterna Plc, one of Nigeria’s leading integrated energy companies, has finalised plans for a rights issue of 978,108,485 ordinary shares at N22 per share, expected to raise approximately N21.52 billion. The capital raise is aimed at bolstering the company’s balance sheet and supporting strategic growth across its diversified energy operations.
The formal signing ceremony for the rights issue took place on Tuesday, 2 December 2025, following shareholder approval at the Annual General Meeting in July. Under the terms of the offer, existing shareholders are entitled to subscribe for three new ordinary shares for every four shares held as of 27 November 2025. The subscription window opens on 12 January 2026 and closes on 18 February 2026, with all new shares ranking pari passu with existing ordinary shares.
Eterna Plc’s rights issue follows a period of strong financial performance. In 2024, the company’s revenue rose 71 per cent to N313.6 billion from N183.2 billion in 2023, while it returned to profitability with a profit before tax of N4.48 billion, reversing the N11.97 billion loss recorded the previous year. Half-year results for 2025 indicate continued momentum, with consolidated revenue up 6.9 per cent and profit before tax climbing 143.9 per cent to N1.57 billion compared to the same period in 2024.
 |
| L-R: Managing Director/CEO, Mr Olumide Adeosun; Chairman, Board of Directors, Dr Gabriel Ogbechie, OON; and Company Secretary, Mr David Edet, at the formal signing ceremony for the Rights Issue of ETERNA Plc recently in Lagos Credit: Eterna Plc |
Proceeds from the rights issue will fund several strategic initiatives, including the expansion of Eterna’s retail network, upgrades to its lubricant blending plant, enhancement of LPG retail assets, acquisition of commercial delivery vehicles, expansion of aviation fuelling operations, and investments in environmental, social, and governance (ESG) projects. Part of the capital will also be allocated as operational working capital to support liquidity, including inventory financing and short-term trade payables, helping the company mitigate market volatility, foreign exchange fluctuations, and supply disruptions.
Despite ongoing structural reforms, regulatory adjustments, and macroeconomic pressures in Nigeria’s downstream oil and gas sector—including fuel price deregulation, currency instability, and global crude oil price volatility—Eterna Plc has maintained resilience through its integrated operations in fuel distribution, lubricant manufacturing, LPG retailing, and aviation fuelling.
Dr Gabriel Ogbechie, OON, Chairman of Eterna Plc, said the rights issue would reinforce the company’s competitive position in the downstream sector while enabling expansion into energy transition projects, LPG network growth, and accelerated retail operations.
The move positions Eterna Plc to capitalize on emerging opportunities in Nigeria’s evolving energy landscape while strengthening its financial and operational foundations.