Eterna Plc rights issue opens to raise N21.5bn to fund expansion, strengthen its balance sheet and support long-term growth across energy segments

Eterna Plc Chairman of the Board Dr. Gabriel Ogbechie, OON, on Monday announced the opening of the Eterna Plc rights issue, launching a N21.52bn capital raise to support expansion and strengthen the company’s balance sheet.

Also read: Eterna filling station caught in fuel pump scam in Lagos, how attendants steal from motorists

The integrated energy company is offering 978,108,485 ordinary shares of 50 kobo each at N22.00 per share, with the offer running from January 12 to February 18, 2026.

Under the terms of the offer, 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 under the offer will rank pari passu with the company’s existing ordinary shares.

The formal signing ceremony for the transaction was held on December 2, 2025, following shareholder approval at the company’s Annual General Meeting on July 24, 2025.

The capital raise follows resilient financial performance in the third quarter and nine-month period ended September 2025, with the company recording revenue of N55.2bn in the third quarter and N212.8bn for the nine-month period.

Eterna Plc also sustained profitability over the period, posting a profit before tax of N1.39bn despite an industry-wide decline in margins.

Proceeds from the rights issue will be deployed to expand the company’s retail network, upgrade its lubricant blending plant, enhance LPG retail assets, acquire commercial delivery vehicles, expand aviation fuelling operations and support ESG-aligned projects.

A portion of the funds will be retained as working capital to improve liquidity and resilience against market volatility, foreign exchange fluctuations and potential supply disruptions.

Dr. Ogbechie said the transaction represented a critical step in consolidating the company’s leadership position in the downstream energy sector.

Dr. Ogbechie said the capital raise would enable the company to pursue growth opportunities across its value chain while delivering sustained value to shareholders.