Eterna Plc Launches ₦22bn Rights Issue to Fund Strategic Expansion
Nigerian oil marketing company Eterna Plc has announced a rights issue of 978,108,485 ordinary shares priced at ₦22.00 per share, seeking to raise approximately ₦21.5 billion from existing shareholders.
The company disclosed that it has received approval from the Nigerian Exchange Limited and the Securities and Exchange Commission to proceed with the capital-raising exercise, which opens today and closes on February 18, 2026.
Under the offer, existing shareholders will be entitled to subscribe for three new ordinary shares for every four shares held as of November 27, 2025, at ₦0.50 par value per share.
According to David Edet, General Counsel and Company Secretary, in a statement obtained by news.ng on Monday, the funds raised will support several strategic initiatives aimed at strengthening Eterna’s market position in Nigeria’s downstream petroleum sector.
“The capital raised will be deployed to support several strategic initiatives, including the expansion of Eterna’s retail network, upgrading of its lubricant blending plant, enhancement of LPG retail assets, acquisition of commercial delivery assets, expansion of aviation fuelling operations, and investments in ESG-related projects aligned with the Company’s sustainability objectives,” Edet stated in the announcement.
The rights are tradable on the Nigerian Exchange throughout the acceptance period, providing shareholders with flexibility. Participation can be accessed through the NGX Invest platform or via paper participation forms submitted to any of the issuing houses or receiving agents by the February 18 deadline.
Eterna Plc advised shareholders to consult their stockbrokers or financial advisors for further guidance regarding the offer.
