Eterna Plc, one of Nigeria’s key players in the integrated energy industry, has taken another major step toward boosting its financial strength and expanding its business operations. The company has finalized arrangements for a rights issue involving 978,108,485 ordinary shares priced at ₦22.00 per share, a move expected to raise about ₦21.52 billion. According to the company, this capital raise is aimed at reinforcing its balance sheet and supporting strategic growth across vital segments of its operations.
The formal signing ceremony for the Rights Issue took place on Tuesday, December 2, 2025. This marked a significant milestone after shareholders approved the move during the Annual General Meeting held in July 2025. Under the structure of the rights issue, existing shareholders are entitled to subscribe for three new ordinary shares of 50 kobo each for every four ordinary shares held as of the close of business on November 27, 2025.
The subscription period will run from January 12, 2026, when the Acceptance List opens, until February 18, 2026, when it closes. Eterna stated that all new shares allocated through this process will rank pari passu with current ordinary shares, ensuring equal rights for existing and incoming shares.
This fundraising effort comes on the back of a strong financial performance by the company over recent years. Eterna reported a 71 percent increase in revenue to ₦313.6 billion in 2024, up from ₦183.2 billion recorded in 2023. It also bounced back into profitability with a profit before tax of ₦4.48 billion, representing a major turnaround from the ₦11.97 billion loss posted in 2023.
Positive momentum has continued into 2025, with half-year results showing a 6.9 percent rise in consolidated revenue and a 143.9 percent increase in profit before tax to ₦1.57 billion, compared with the same period in 2024. The company explained that proceeds from the rights issue will be channeled into supporting strategic initiatives such as retail network expansion, upgrading of its lubricant blending plant, strengthening LPG retail assets, acquiring commercial delivery assets, and expanding aviation fueling operations. It will also invest in projects tied to Environmental, Social, and Governance priorities.
A portion of the funds will serve as working capital to improve day-to-day liquidity, including inventory financing and short-term trade payables. This, according to the company, will help cushion shocks arising from market volatility, foreign exchange fluctuations, and possible supply disruptions.
Nigeria’s downstream oil and gas sector continues to face reforms, regulatory shifts, and macroeconomic pressures, including fuel price deregulation and unstable global oil prices. Despite these challenges, Eterna has continued to stay resilient through its diversified operations in fuel distribution, lubricant manufacturing, LPG retailing, and aviation fueling. The Board of Directors, led by Chairman Dr. Gabriel Ogbechie, OON, believes the rights issue will further strengthen the company’s market position and support opportunities in energy transition and accelerated retail growth.
The company had previously secured shareholder approval in August 2025 for a ₦50 billion capital-raise plan through rights issue, placement, or other financing options, setting the stage for this latest development.
