KEY POINTS
- Eterna opened a ₦21.52bn rights issue.
- Shareholders can buy three for four.
- Proceeds target expansion and liquidity.
Eterna Plc has opened a ₦21.52bn rights issue, moving ahead with a capital raise aimed at reinforcing its balance sheet and funding expansion across its downstream energy operations in Nigeria.
Share sale details outlined
The integrated energy company said the rights issue comprises 978,108,485 ordinary shares of 50 kobo each, priced at ₦22 per share. The offer is expected to raise about ₦21.52bn and forms a central part of Eterna’s broader growth strategy. The company said the proceeds will be used to support expansion across several business lines while improving financial flexibility.
The offer opens on Monday, January 12, 2026, and will close on Wednesday, February 18, 2026. Existing shareholders are entitled to subscribe for three new ordinary shares for every four shares held as of the close of business on November 27, 2025. All shares issued under the offer will rank pari passu with Eterna’s existing ordinary shares.
The rights issue follows approval by shareholders at the company’s annual general meeting held on July 24, 2025. A formal signing ceremony took place on December 2, 2025, marking the final stage before the offer opened to investors.
Eterna said the capital raise comes after a period of steady financial performance. The company reported revenue of ₦55.2bn in the third quarter of 2025 and ₦212.8bn for the nine-month period. Profitability was sustained despite pressure on industry margins, with profit before tax reaching ₦1.39bn over the nine months.
Funds to back expansion
According to the company, proceeds from the rights issue will be allocated to several projects. These include the expansion of its retail network, upgrades to its lubricant blending plant and improvements to its liquefied petroleum gas retail assets. Eterna also plans to acquire commercial delivery assets, expand aviation fuelling operations and invest in environmental, social and governance projects linked to its sustainability targets.
Part of the funds will be held as working capital to support daily operations. This includes inventory financing and settlement of short-term trade payables. The company said the buffer would help protect operations from market swings, foreign exchange volatility and potential supply disruptions.
Chairman Gabriel Ogbechie said the rights issue represents a key step in Eterna’s long-term plan to strengthen its position in Nigeria’s downstream energy sector. He said the funding would allow the company to pursue opportunities across its value chain while continuing to deliver value to shareholders.
Eterna operates across fuel distribution, lubricant manufacturing, LPG retailing and aviation fuelling. Planet Capital Limited is acting as lead issuing house to the offer, alongside other professional advisers. The company said it remains focused on operational discipline and sustainable energy solutions.
