Lagos, Jan. 11, 2026 (Naija247news) — Eterna Plc has officially launched a ₦21.52 billion Rights Issue, a key component of its capital-raising strategy and long-term growth plan, the company announced on Sunday.
The Chairman, Dr Gabriel Ogbechie, described the offer as “pivotal” for strengthening finances, accelerating strategic expansion, and reinforcing the balance sheet amid challenges in the downstream oil and gas sector.
The offer comprises 978,108,485 ordinary shares of 50 kobo each, priced at ₦22 per share. Existing shareholders may subscribe for three new shares for every four shares held as of November 27, 2025. All shares issued under the Rights Issue will rank pari passu with Eterna’s existing ordinary shares.
The subscription window opens on Monday, Jan. 12, and closes on Wednesday, Feb. 18. The Rights Issue follows shareholder approval at the company’s July 24, 2025 AGM, with the signing ceremony held on Dec. 2, 2025.
Dr Ogbechie highlighted that the fundraising comes after resilient financial performance despite market headwinds. Eterna recorded ₦55.2 billion revenue in Q3 2025 and ₦212.8 billion for the first nine months, with profit before tax of ₦1.39 billion.
Proceeds from the Rights Issue will fund retail network expansion, lubricant plant upgrades, enhanced LPG retail assets, commercial delivery and aviation fuelling expansion, as well as environmental, social, and governance (ESG) initiatives. Additional funds will support working capital, inventory financing, and short-term trade obligations, improving 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,” Ogbechie said.
In spite of deregulation and oil price volatility, the company remains resilient through diversified operations. Planet Capital Ltd. is acting as Lead Issuing House, supported by other professional advisers.
Eterna reaffirmed its commitment to innovation, operational excellence, and sustainable energy solutions, ensuring long-term value for stakeholders.
Joshua Chinonye ✔
Joshua Chinonye is the Energy Editor at Naija247news, covering Nigeria’s oil, gas, and power sectors. He reports on energy policy, market trends, and sustainability with a focus on informing public discourse and decision-makers.
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