Eterna Plc has officially opened its much-anticipated Rights Issue, marking a significant step in the company’s ongoing capital-raising programme and long-term growth strategy.
The integrated energy firm said the offer is designed to reinforce its financial position while creating room for expansion across its core business lines.
The Rights Issue consists of 978,108,485 ordinary shares of 50 kobo each, priced at N22.00 per share, with the exercise expected to raise about N21.52bn.
According to the company, the offer presents existing shareholders with an opportunity to increase their equity stake at a discounted price relative to long-term growth prospects.
The offer opened on Monday, January 12, 2026, and will close on Wednesday, February 18, 2026. Under the terms, shareholders are entitled to subscribe for three new ordinary shares for every four ordinary shares held as of November 27, 2025.
All shares issued under the Rights Issue will rank pari passu with existing ordinary shares.
What the offer is meant for
Eterna Plc said proceeds from the Rights Issue will be deployed across several strategic initiatives aimed at scaling operations and improving efficiency.
Key areas include the expansion of its retail fuel network, upgrading its lubricant blending plant, and enhancing its LPG retail infrastructure nationwide.
The company also plans to acquire commercial delivery assets, expand aviation fuelling operations, and invest in ESG-related projects aligned with its sustainability objectives.
Management noted that these investments are intended to position Eterna for long-term competitiveness in Nigeria’s evolving downstream energy market.
In addition, part of the funds will be used as a working capital buffer to strengthen day-to-day liquidity, including inventory financing and settlement of short-term trade payables.
This, the company said, will improve resilience against market volatility, foreign exchange fluctuations, and potential supply disruptions.
Shareholder approval, solid financial performance underpin offer
The Rights Issue follows the successful completion of regulatory and shareholder approvals, with the formal signing ceremony held on December 2, 2025.
Shareholders had earlier approved the capital raise at the company’s Annual General Meeting on July 24, 2025, clearing the way for the exercise.
Eterna Plc’s management said the timing of the offer reflects confidence built on the company’s resilient financial performance.
In the third quarter of 2025, the firm recorded revenue of N55.2bn, while revenue for the nine-month period ended September 2025 stood at N212.8bn, highlighting strong topline growth.
Despite industry-wide margin pressure, Eterna sustained profitability, posting a profit before tax of N1.39bn over the nine-month period.
The company attributed this performance to disciplined cost management and diversification across fuel distribution, lubricants, LPG retailing, and aviation fuelling operations.
Board expresses confidence amid sector challenges:
Speaking on the development, Chairman of the Board, Dr Gabriel Ogbechie, OON, described the Rights Issue as a critical milestone in Eterna’s growth journey.
- He said the capital raise would support the company’s ambition to consolidate its leadership position in the downstream energy sector.
- According to him, the exercise will enable Eterna to pursue growth opportunities across its value chain while continuing to deliver sustainable value to shareholders.
- He added that the company remains focused on long-term strategy rather than short-term market pressures.
Planet Capital Limited is acting as the Lead Issuing House to the Rights Issue, alongside other professional advisers. Eterna Plc reaffirmed its commitment to innovation, operational excellence, and sustainable energy solutions that create enduring value for shareholders and stakeholders alike.
What you should know
After announcing its plans to raise capital last year, Eterna Plc has finally launched the long awaited N21.52 billion Rights Issue, offering 978,108,485 ordinary shares at N22.00 each to existing shareholders, who can subscribe for three new shares for every four they hold.
- The subscription runs from January 12 to February 18, 2026, with all new shares ranking equally with existing ones.
- The capital raise is intended to strengthen the company’s balance sheet and support strategic expansion across its retail network, lubricant plant upgrades, LPG retail assets, aviation fueling operations, and ESG-aligned investments.
This Rights Issue follows Eterna’s resilient financial performance, building on strong revenue growth and profitability, and positions the company to deepen its competitive edge in Nigeria’s downstream energy sector.
