Eterna Plc has concluded plans to raise about ₦21.52 billion through a rights issue involving 978,108,485 ordinary shares priced at ₦22.00 each. The move is aimed at strengthening the company’s balance sheet and funding strategic growth across its core business lines.

A formal signing ceremony was held in Lagos after shareholders gave approval at the company’s Annual General Meeting earlier in the year.

Under the rights structure, existing shareholders can purchase three new shares for every four held as of November 27, 2025. The offer opens on January 12, 2026, and closes on February 18, 2026. All shares allotted will rank equally with those already in circulation.

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Eterna Plc has recorded steady financial improvements, posting a 71% jump in revenue to ₦313.6 billion in 2024, up from ₦183.2 billion in 2023. It also returned to profitability with ₦4.48 billion profit before tax, reversing the ₦11.97 billion loss from the previous year. The momentum continued into 2025, with half-year results showing a 6.9% rise in consolidated revenue and 143.9% growth in profit before tax to ₦1.57 billion.

Funds raised will support key projects such as retail network expansion, upgrades at the lubricant blending plant, enhancement of LPG retail infrastructure, acquisition of delivery assets, and strengthening of aviation fueling operations. Part of the capital will also be dedicated to ESG-driven investments and working capital needs, helping the company manage market volatility and foreign exchange pressures.

The board chairman, Dr. Gabriel Ogbechie, said the capital raise will reinforce Eterna’s competitive position and enable it to tap into opportunities in the evolving energy and downstream market.