Oil and gas company Eterna Plc has announced that its shareholders have approved a plan to raise up to N50 billion through various funding options.
The approval was one of several resolutions passed at its 32nd Annual General Meeting, held on Thursday, July 24, 2025, as disclosed in a recent filing on the Nigerian Exchange (NGX).
According to the disclosure, the capital raise may be executed in one or more transactions through public offerings, private placements, rights issues, or shareholder loans.
- The company noted that the capital could be sourced from either the Nigerian or international capital markets, with pricing to be determined through book building or any other applicable valuation method.
Final structure and details of the capital raise, including tranches, series, timing, interest rates, and maturity periods, will be determined by the Board of Directors.
More details
Shareholders also approved a resolution to increase the company’s share capital by the exact number of ordinary shares required for the capital raise.
- The Board will oversee the allotment of these new shares as part of the process.
As part of the capital raise, the Board approved the option of a Rights Issue.
- If some shareholders do not take up their rights within the set period, the remaining shares may be offered to other interested shareholders.
- Any shares still left unsubscribed can then be sold to new investors on similar terms.
To support the process, the Board is authorized to take all necessary steps, including listing the new shares on the Nigerian Exchange and other markets, appointing advisers, finalizing the offer structure, and meeting regulatory requirements.
The Company Secretary has also been authorized to register the share capital increase with the Corporate Affairs Commission in stages, as directed by the Board.
Ordinary business:
At the meeting, shareholders received and approved the company’s audited financial statements for the year ended 31st December 2024.
Important board matters also took center stage, including the ratification of new director appointments and the re-election of existing directors.
Shareholders also approved the appointment of PricewaterhouseCoopers as the company’s independent auditor for the year.
In addition, members were elected to serve on the statutory audit committee, while the board confirmed the remuneration for directors.
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