Eterna Plc has concluded arrangements for a rights issue of 978,108,485 ordinary shares at N22 per share, a move expected to raise approximately N21.52 billion to strengthen its balance sheet and support strategic expansion across key business segments.
The formal signing of the issue marked a major milestone in the company’s capital-raising programme following shareholder approval at the yearly general meeting.
Under the structure of the rights issue, existing shareholders are entitled to subscribe for three new ordinary shares of 50 kobo each for every four ordinary shares held as at the close of business on November 27, 2025. The subscription period will run from January 12, 2026, when the acceptance list opens, to February 18, 2026, when it officially closes. All new shares issued will rank pari passu with existing ordinary shares,” the company stated.
The company stressed that the capital raise comes on the back of Eterna’s strong financial performance in recent years, as it recorded a 71 per cent increase in revenue to N313.6 billion in 2024, up from N183.2 billion in 2023.
It also returned to profitability with a profit before tax of N4.48 billion, representing a major turnaround from the N11.97 billion loss recorded in 2023.
Its financial momentum has continued into 2025, with half-year results showing a 6.9 per cent increase in consolidated revenue and a 143.9 per cent rise in profit before tax to N1.57 billion compared to the same period in 2024.
According to the company, proceeds from the Rights Issue will be channelled into several strategic initiatives, including expansion of the retail network, upgrading of the lubricant blending plant, enhancement of LPG retail assets, acquisition of commercial delivery assets, expansion of aviation fueling operations and investment in ESG-related projects.
The Board of Directors, led by its Chairman, Dr Gabriel Ogbechie, stated that the Rights Issue will further strengthen Eterna’s competitive positioning in the downstream sector and enable the company to pursue opportunities in energy transition, LPG network expansion and accelerated retail growth.
