Eterna Plc has announced the launch of its 21.52 billion Rights Issue, a significant milestone in the company’s capital raising program and growth strategy. The issue, which comprises 978,108,485 ordinary shares of 50 kobo each, is priced at 22.00 per share and is expected to raise approximately 21.52 billion. The capital raise is designed to strengthen the company’s balance sheet and support strategic expansion across its business segments.
The Rights Issue opens on January 12, 2026, and will close on February 18, 2026. Existing shareholders are entitled to subscribe for three new ordinary shares for every four ordinary shares held as at the close of business on November 27, 2025. All new shares issued will rank pari passu with the company’s existing ordinary shares.
The capital raise follows Eterna Plc’s financial performance in Q3 2025, with a revenue of 55.2 billion and 212.8 billion recorded for the nine months. Despite an industry-wide decline in margins, the company recorded a profit before tax of 1.39 billion. The proceeds from the Rights Issue will be deployed to support several strategic initiatives, including the expansion of Eterna’s retail network, upgrading of its lubricant blending plant, and investment in ESG-related projects aligned with the company’s sustainability goals.
A portion of the capital raised will also serve as an operational working capital buffer to enhance day-to-day liquidity, including inventory financing and short-term trade payables. This will help strengthen resilience against market volatility, foreign exchange fluctuations, and potential supply disruptions. Chairman of the Board, Dr. Gabriel Ogbechie, stated that the Rights Issue marks a significant step forward in the company’s long-term strategy to consolidate its leadership position in the downstream energy sector.
Eterna Plc has maintained resilience in the face of challenges in the Nigerian downstream oil and gas sector, including fuel price deregulation and global oil price volatility. The company’s diversified operations across fuel distribution, lubricant manufacturing, LPG retailing, and aviation fuelling have enabled it to navigate these challenges. Planet Capital Limited is acting as Lead Issuing House to the Rights Issue, alongside other professional advisers. With this capital raise, Eterna Plc is poised to pursue growth opportunities and deliver sustained value to its shareholders, while remaining committed to innovation, operational excellence, and sustainable energy solutions.
