Eterna Plc has undertaken a ₦21.5 billion rights issue as part of its strategy to reinforce its balance sheet and finance expansion across key segments of its operations.
The energy company is rolling out 978,108,485 ordinary shares, each valued at 50 kobo, priced at ₦22.00 per share for existing shareholders. Approved by the Securities and Exchange Commission, the offer gives three new shares for every four already held as of November 27, 2025.
The offer period opened on Monday, January 12, 2026, and is scheduled to close on Wednesday, February 18, 2026. During this window, the rights will be tradable on the floor of the Nigerian Exchange Limited.
Eterna announced that eligible shareholders can exercise their rights via the NGX Invest platform or by submitting completed participation forms along with payment or proof of payment to designated issuing houses or receiving agents. The rights circular is available from Greenwich Registrars and Data Solutions Limited, as well as on the company’s website.
Proceeds from the rights issue will be deployed to support a range of growth initiatives, including the expansion of Eterna’s retail outlet network, upgrades to its lubricant blending plant, enhancement of LPG retail infrastructure, acquisition of commercial delivery assets, and the expansion of its aviation fueling business. Part of the funds will also be allocated to environmental, social, and governance initiatives in line with the company’s sustainability objectives.
Commenting on the offer, Eterna’s General Counsel and Company Secretary, David Edet, advised shareholders to seek guidance from their stockbrokers or financial advisers to fully understand the details of the transaction.
Eterna anticipates revenue of ₦60.849 billion and a post-tax profit of ₦485 million for the first quarter of 2026, amid ongoing pressures from oil importation in the downstream sector
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