Eterna Plc, a top integrated energy player in Nigeria, has completed preparations for a rights issue involving 978,108,485 ordinary shares priced at N22.00 each, aimed at generating approximately N21.52 billion. The fundraising initiative is intended to reinforce the company’s capital structure and fuel strategic growth across its operational areas.
The company held the official signing ceremony for the rights issue on Tuesday, 2 December 2025—an important step forward in its capital-raising efforts—following shareholder approval granted at the July 2025 Annual General Meeting.
In line with the approved structure, current shareholders will have the opportunity to acquire three new ordinary shares of 50 kobo each for every four shares they owned as at the close of business on 27 November 2025. The subscription window opens on 12 January 2026 and closes on 18 February 2026, during which investors can submit their acceptances. All newly issued shares will rank pari passu with the company’s existing ordinary shares.
This capital raise comes on the back of Eterna’s solid financial performance in recent years. The company posted a 71% rise in revenue to N313.6 billion in 2024—up from N183.2 billion in 2023. It also swung back to profitability, reporting a profit before tax of N4.48 billion, compared to a loss of N11.97 billion recorded in 2023.
The growth trajectory has persisted into 2025, with half-year results showing a 6.9% increase in consolidated revenue and a 143.9% growth in profit before tax to N1.57 billion, relative to the corresponding period in 2024.
Funds raised through the rights issue will be channelled toward several key initiatives, including the expansion of Eterna’s retail footprint, upgrades to the lubricant blending facility, improvements to LPG retail infrastructure, acquisition of commercial delivery assets, extension of aviation fuelling services, and investments in ESG-focused projects.
A portion of the capital will also bolster operational working capital, providing liquidity for inventory purchases and short-term trade obligations. This buffer is expected to strengthen the company’s ability to navigate market volatility, shifts in foreign exchange rates, and potential supply chain disruptions.
Nigeria’s downstream oil and gas industry continues to experience policy changes, structural reforms, and macroeconomic pressures, ranging from deregulated fuel pricing to FX instability and global crude price fluctuations. Despite these headwinds, Eterna Plc has remained stable through its diversified participation in fuel distribution, lubricant production, LPG retailing, and aviation fuelling.
According to the Board of Directors, chaired by Dr Gabriel Ogbechie, OON, the rights issue will reinforce Eterna’s competitive stance in the downstream market and position the company to capitalise on emerging opportunities in energy transition, LPG infrastructure development, and accelerated retail expansion.