Eterna Plc has opened its long awaited N21.52 billion Rights Issue, signaling a decisive move to strengthen its balance sheet and accelerate growth across Nigeria’s downstream energy market.
The integrated energy company is offering 978,108,485 ordinary shares of 50 kobo each at N22 per share, giving existing shareholders the chance to increase their holdings under favourable terms.
The offer, which opened on January 12, 2026, will run until February 18, 2026. Eligible shareholders can subscribe for three new shares for every four held as of November 27, 2025, with all new shares ranking equally with existing ones.
The News Chronicle gathered that proceeds from the exercise will be channelled into expanding Eterna’s retail fuel outlets, upgrading its lubricant blending plant, strengthening LPG retail infrastructure, and scaling aviation fuelling operations.
Part of the funds will also support ESG aligned initiatives and provide working capital to improve liquidity and cushion the business against market volatility.
The Rights Issue follows shareholder approval granted at the company’s July 2025 annual general meeting and comes on the back of solid financial performance.
Eterna posted revenue of N212.8 billion for the nine months ended September 2025, with profit before tax of N1.39 billion despite industry pressures.
Chairman Dr Gabriel Ogbechie said the capital raise positions the company for long term competitiveness while reinforcing its commitment to sustainable value creation.
