Eterna Plc has officially opened its N21.52 billion Rights Issue, as the integrated energy company moves to strengthen its balance sheet and fund strategic expansion across its downstream operations.
The Rights Issue, which opens today, Monday, January 12, 2026, comprises 978,108,485 ordinary shares of 50 kobo each, priced at N22.00 per share, and will close on Wednesday, February 18, 2026.
The offer is structured on the basis of three new ordinary shares for every four ordinary shares held as of the close of business on November 27, 2025, with all new shares ranking pari passu with the existing shares.
The capital raise represents a key milestone in the company’s growth strategy, coming against the backdrop of a resilient financial performance in 2025 and continued volatility in Nigeria’s downstream oil and gas sector.
Eterna said proceeds from the Rights Issue would be deployed to support multiple strategic initiatives, including the expansion of its 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 its sustainability objectives.
Part of the funds will also be set aside as a working capital buffer to enhance day-to-day liquidity, including inventory financing and settlement of short-term trade payables. This move, the company said, would strengthen its resilience against market volatility, foreign exchange fluctuations, and potential supply disruptions.
The offer follows Eterna Plc’s strong financial showing in the third quarter and nine-month period ended September 2025, during which the company recorded revenue of N55.2 billion in Q3 and N212.8 billion over the nine months.
Despite an industry-wide decline in margins, Eterna sustained profitability, posting a profit before tax of N1.39 billion over the nine-month period.
The company stated that the performance reflected the benefits of its diversified business model, which spans fuel distribution, lubricant manufacturing, LPG retailing, and aviation fueling. This has helped cushion the impact of deregulation-induced price movements and global oil price volatility.
The formal signing ceremony for the Rights Issue was held on Tuesday, December 2, 2025, following shareholders’ approval at the company’s Annual General Meeting on July 24, 2025.
Speaking on the development, Chairman of the Board, Dr Gabriel Ogbechie, described the offer as a defining step in the company’s long-term growth plan.
