Eterna Plc Commences ₦21.52bn Rights Issue To Drive Expansion, Strengthen Balance Sheet

Eterna Plc has announced the official opening of its ₦21.52 billion Rights Issue, marking a major milestone in its capital raising programme and growth strategy.

The Rights Issue comprises 978,108,485 ordinary shares of 50 kobo each, offered at ₦22.00 per share, and is expected to raise approximately ₦21.52 billion.

A statement by the company noted that the capital raise is designed to strengthen the company’s balance sheet and support strategic expansion across its business segments.

The Rights Issue opens Monday, January 12, 2026, and will close on Wednesday, February 18, 2026.

Under the structure 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 will rank pari passu with the company’s existing ordinary shares.

The formal signing ceremony for the Rights Issue was held on Tuesday, December 2, 2025, following shareholders’ approval at the Annual General Meeting on July 24, 2025.

The capital raise follows Eterna Plc’s financial performance in Q3 2025 and the nine months, with a revenue of ₦55.2 billion and ₦ 212.8 billion recorded respectively.

There was sustained profitability over the nine months, as Eterna recorded a profit before tax of ₦1.39 billion amidst an industry-wide decline in margins.

According to the statement, proceeds from the Rights Issue will be deployed to support several strategic initiatives, including the expansion of Eterna’s retail network, upgrading of its lubricant blending plant, enhancement of LPG retail assets, acquisition of commercial delivery assets, expansion of aviation fuelling operations, and investment in ESG-related projects aligned with the company’s sustainability goals.

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A portion of the capital raised will also serve as an operational working capital buffer to enhance day-to-day liquidity, including inventory financing and short-term trade payables.

This will help strengthen resilience against market volatility, foreign exchange fluctuations, and potential supply disruptions.

Speaking on the development, Chairman of the Board, Dr. Gabriel Ogbechie, said: “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.”

Despite challenges in the Nigerian downstream oil and gas sector, ranging from fuel price deregulation to global oil price volatility, Ogechie said Eterna Plc has maintained resilience through its diversified operations across fuel distribution, lubricant manufacturing, LPG retailing, and aviation fuelling.

Planet Capital Limited is acting as Lead Issuing House to the Rights Issue alongside other professional advisers.

Eterna Plc remains committed to innovation, operational excellence, and sustainable energy solutions that create long term value for its shareholders and stakeholders.