Eterna Plc, a leading integrated energy company in Nigeria, has officially opened its Rights Issue, a major capital-raising exercise designed to strengthen its balance sheet and support strategic growth initiatives across its business segments.
The Rights Issue comprises 978,108,485 ordinary shares of 50 kobo each, offered at N22 per share, and is expected to raise approximately N21.52 billion. Existing shareholders are entitled to subscribe for three new shares for every four shares held as of November 27, 2025. The offer opens on Monday, January 12, 2026, and closes on Wednesday, February 18, 2026. All new shares will rank pari passu with existing ordinary shares.
The formal signing ceremony for the Rights Issue took place on December 2, 2025, following shareholder approval at the company’s Annual General Meeting on July 24, 2025.
Eterna Plc’s capital raise comes on the back of resilient financial performance, with revenue of N55.2 billion in Q3 2025 and N212.8 billion for the nine-month period ended September 2025. The company maintained profitability, recording a profit before tax of N1.39 billion, despite industry-wide margin pressures.
Proceeds from the Rights Issue will fund several strategic initiatives, including:
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
Investments in ESG and sustainability projects
A portion of the funds will also serve as operational working capital, supporting inventory financing, short-term trade payables, and enhancing liquidity to mitigate market volatility, foreign exce fluctuations, and supply disruptions.
Speaking on the development, Chairman Dr. Gabriel Ogbechie, OON, 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—including fuel price deregulation and global oil price volatility—Eterna Plc has demonstrated resilience through its diversified operations spanning fuel distribution, lubricant manufacturing, LPG retailing, and aviation fuelling.
Planet Capital Limited is acting as the Lead Issuing House for the Rights Issue, alongside other professional advisers. The company reaffirmed its commitment to innovation, operational excellence, and sustainable energy solutions that generate long-term value for shareholders and stakeholders alike.
Wow, will this rights issue really boost Eterna Plcs growth, or is it a risky move? Curious to see the outcome!
Why should shareholders foot the bill for Eterna Plcs expansion? Shouldnt the company find other ways to fund growth? 🤔
I believe Eterna Plcs decision to launch a N21.5bn rights issue is risky, but could lead to significant growth opportunities. What do you guys think?
I dont get why Eterna Plc needs to raise N21.5bn for expansion. Are they overreaching or just being ambitious? 🤔
Seems risky to invest in Eterna Plcs rights issue. Who knows if itll pay off or flop? 🤔
Wow, Eterna Plc going big with that rights issue! Do you think its a smart move or a risky gamble? 🤔
Should shareholders be excited or wary about Eterna Plcs ambitious expansion plans? Lets discuss!
Why dilute current shareholders with a rights issue when Eterna Plc could explore other funding options? #strategicthinking #expandwisely