ETERNA PLC targets N21.52bn through rights issue to fuel expansion and strengthen balance sheet
Eterna PLC, one of Nigeria’s leading integrated energy companies, has launched a rights issue aimed at raising ₦21.52 billion — a strategic move to shore up its balance sheet and support aggressive expansion across its business segments.
Under the terms of the offer, Eterna will issue 978,108,485 ordinary shares at ₦22.00 each. Existing shareholders are entitled to subscribe to three new ordinary shares for every four shares held as of November 27, 2025. The subscription window opens on January 12, 2026, and runs through February 18, 2026.
The decision comes on the back of a strong financial rebound. In 2024, Eterna’s revenue surged by 71%, climbing to ₦313.6 billion from ₦183.2 billion in 2023, while the company returned to profitability with a profit before tax of ₦4.48 billion — a dramatic turnaround from the ₦11.97 billion pre-tax loss in the prior year.
Early 2025 results suggest the momentum is holding, with a 6.9% increase in half-year consolidated revenue and a 143.9% rise in profit before tax to ₦1.57 billion compared to the same period in 2024.
Proceeds from the rights issue will fund a broad set of strategic initiatives. These include expanding Eterna’s retail network, upgrading its lubricant blending plant, enhancing its LPG retail assets, acquiring new commercial delivery vehicles, scaling up aviation fuelling operations, and investing in ESG-aligned projects.
Additionally, part of the capital will be allocated toward working capital — inventory financing, short-term trade payables — to strengthen operational liquidity.
In a downstream sector characterized by fuel price volatility, foreign exchange instability, and global crude-oil price swings, the rights issue offers Eterna a buffer against macroeconomic pressures.
With a diversified footprint — fuel distribution, lubricants manufacturing, LPG retailing, aviation fuelling — the company appears well-positioned to leverage fresh capital to consolidate its competitive edge and pursue long-term growth in Nigeria’s evolving energy landscape.
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