Eterna Opens Rights Issue at 37% Discount to Raise Capital
Eterna Plc has launched a N21.52 billion rights issue to shareholders, marking a key step in its capital-raising programme and long-term growth strategy.
The Chairman, Dr Gabriel Ogeechee, confirmed this in a statement issued in Lagos on Sunday, describing the offer as “pivotal” to strengthening finances.
He said the rights issue would accelerate strategic expansion and reinforce the company’s balance sheet amid industry challenges. The offer comprises 978,108,485 ordinary shares of 50 kobo each, priced at N22.00 per share, which is 37% discount to its stock market price of N35.
Ogbechie stated that the offer opens on Monday, Jan. 12, and closes on Wednesday, Feb. 18. Existing shareholders may subscribe for three new shares for every four shares held as at Nov. 27, 2025.
All shares issued under the rights issue will rank pari passu with Eterna’s existing ordinary shares. The the signing ceremony was held on Dec. 2, 2025, following shareholders’ approval at the July 24, 2025 AGM.
Ogbechie said the fundraising followed resilient financial performance in spite of headwinds in the downstream oil and gas sector. Eterna recorded N55.2 billion in revenue in the third quarter of 2025 and N212.8 billion for nine months, with a profit before tax of N1.39 billion.
Ogbechie said proceeds would fund retail network expansion, lubricant plant upgrades and enhanced LPG retail assets. Other investments include commercial delivery assets, aviation fuelling expansion and environmental, social and governance projects.
Part of the funds will support working capital, inventory financing and short-term trade obligations. He said this would improve resilience against market volatility, foreign exchange pressures and supply disruptions.
“This rights issue marks a significant step in consolidating Eterna’s leadership in the downstream energy sector.
“It will enable growth across our value chain while delivering sustained value to shareholders,” he said. In spite of deregulation and oil price volatility, Ogbechie said Eterna remains resilient through diversified operations.
Planet Capital Ltd. is acting as Lead Issuing House, alongside other professional advisers. Eterna reaffirmed its commitment to innovation, operational excellence and sustainable energy solutions for long-term stakeholder value. Airtel Africa: 72% Upside Potential Spotted on New Target Price
