Eterna Plc, one of Nigeria’s leading integrated energy companies, has taken a major step to strengthen its financial position with the launch of a rights issue valued at about N21.52 billion. The offer covers 978,108,485 ordinary shares priced at N22.00 per share and is aimed at supporting the company’s long-term growth across its business segments.
The formal signing ceremony took place on Tuesday, 2 December 2025, marking an important milestone in the company’s capital-raising efforts. This move follows the approval granted by shareholders during the Annual General Meeting held in July 2025.
Under the structure of the rights issue, existing shareholders will be able to subscribe to three new ordinary shares of 50 kobo each for every four shares held as of 27 November 2025. The subscription window will open on 12 January 2026 and close on 18 February 2026. According to the company, all new shares will rank pari passu with the existing ones.
The capital raise comes at a time when Eterna Plc is experiencing improved financial performance. The company reported a strong 71 percent rise in revenue to N313.6 billion in 2024, up from N183.2 billion in 2023. It also bounced back from a loss of N11.97 billion in 2023 to a profit before tax of N4.48 billion in 2024. The momentum continued into 2025, with half-year results showing a 6.9 percent increase in consolidated revenue and a 143.9 percent growth in profit before tax to N1.57 billion compared to the same period in 2024.
The company said proceeds from the rights issue will be used to execute several strategic projects. These include expanding its retail network, upgrading its lubricant blending plant, improving LPG retail assets, increasing its commercial delivery fleet, and growing its aviation fuelling operations. Eterna Plc also plans to invest in ESG-related projects as part of its long-term sustainability agenda.
Part of the funds will also be reserved for operational working capital. The company noted that this will help strengthen day-to-day liquidity needs such as inventory financing and short-term trade payables. With this buffer, Eterna expects to better withstand foreign exchange volatility, supply disruptions, and changes in global oil prices.
The downstream sector in Nigeria continues to face several challenges, including fuel price deregulation, unstable exchange rates, and fluctuating international crude prices. Despite these pressures, Eterna Plc has remained steady due to its diversified operations across fuel distribution, lubricant production, LPG retailing, and aviation fuelling.
According to the Board of Directors led by Chairman Dr. Gabriel Ogbechie, OON, the rights issue will reinforce the company’s position in the competitive downstream market. Dr. Ogbechie said the fresh capital will help Eterna Plc accelerate its retail expansion, deepen its LPG network, and pursue emerging opportunities in the energy transition space.
