Eterna Plc has announced a ₦21.52 billion rights issue as part of its capital-raising programme aimed at strengthening its financial position and supporting long-term growth.
The Chairman of the company, Dr Gabriel Ogbechie, disclosed this in a statement issued in Lagos on Sunday, describing the offer as a critical step in reinforcing Eterna’s balance sheet amid ongoing challenges in the downstream oil and gas sector.
According to him, the rights issue will support strategic expansion and enhance the company’s resilience in a volatile operating environment.
The offer consists of 978,108,485 ordinary shares of 50 kobo each, priced at ₦22 per share. It opens on Monday, January 12, and will close on Wednesday, February 18.
Existing shareholders are entitled to subscribe for three new ordinary shares for every four shares held as at November 27, 2025. Shares issued under the offer will rank pari passu with the company’s existing ordinary shares.
The News Agency of Nigeria reports that the signing ceremony for the rights issue was held on December 2, 2025, following approval by shareholders at Eterna’s Annual General Meeting on July 24, 2025.
Ogbechie said the fundraising exercise followed a resilient financial performance despite headwinds in the industry. Eterna recorded revenue of ₦55.2 billion in the third quarter of 2025 and ₦212.8 billion for the nine-month period, with profit before tax of ₦1.39 billion.
He explained that proceeds from the offer would be deployed to expand the company’s retail network, upgrade its lubricant blending plant and strengthen its LPG retail operations. Other areas of investment include commercial delivery assets, aviation fuelling expansion and environmental, social and governance initiatives.
Part of the funds will also be used for working capital, inventory financing and short-term trade obligations to cushion the impact of market volatility, foreign exchange pressures and supply disruptions.
“This rights issue marks an important step in consolidating Eterna’s position in the downstream energy sector and driving growth across our value chain while delivering value to shareholders,” Ogbechie said.
Planet Capital Limited is acting as the lead issuing house for the offer, alongside other professional advisers. Eterna reaffirmed its commitment to innovation, operational efficiency and sustainable energy solutions to deliver long-term value to stakeholders.
