Eterna Plc Launches N21.52bn Rights Issue to Support Expansion

Eterna Plc has formally opened its Rights Issue, marking a key milestone in the company’s capital-raising programme and long-term growth strategy.

The integrated energy company said the offer is intended to strengthen its balance sheet and provide funding for expansion across its core operations.

The Rights Issue consists of 978,108,485 ordinary shares of 50 kobo each, priced at N22 per share. The exercise is expected to raise approximately N21.52 billion.

The offer opened on January 12, 2026, and will close on February 18, 2026. Eligible shareholders are entitled to subscribe for three new shares for every four shares held as of November 27, 2025. All shares issued under the offer will rank equally with existing ordinary shares.

Eterna said proceeds from the issue will be used to expand its retail fuel network, upgrade its lubricant blending facilities, and strengthen its LPG retail operations nationwide. Additional plans include acquiring commercial delivery assets, expanding aviation fuelling services, and investing in projects aligned with environmental, social, and governance objectives.

Part of the funds will also serve as working capital to improve liquidity, support inventory financing, and settle short-term trade obligations. Management noted that this would enhance resilience against market volatility, foreign exchange risks, and supply disruptions.

The Rights Issue follows the completion of regulatory processes and shareholder approvals, including endorsement at the company’s Annual General Meeting in July 2025.

Eterna reported revenue of N55.2 billion in the third quarter of 2025, while nine-month revenue stood at N212.8 billion. Despite industry-wide margin pressures, the company recorded a profit before tax of N1.39 billion over the same period, supported by cost discipline and diversified operations.

The board described the capital raise as a critical step toward consolidating Eterna’s position in Nigeria’s downstream energy market.