Eterna Plc has commenced a rights issue after securing approval from the Securities and Exchange Commission (SEC) to raise ₦21.52 billion from existing shareholders.
The downstream oil and gas firm is offering 978,108,485 ordinary shares of ₦0.50 each at ₦22.00 per share, according to a disclosure filed with the Nigerian Exchange Group (NGX) on Monday, January 12, 2026.
The disclosure, signed by the company’s General Counsel and Company Secretary, David Edet, stated that the offer is structured on the basis of three new ordinary shares for every four ordinary shares held as of November 27, 2025.
Rights circulars are to be distributed to shareholders through Greenwich Registrars and Data Solutions Limited. The offer opened on January 12 and will close on February 18, 2026.
The rights will be tradable on the NGX throughout the acceptance period.
Shareholders who wish to take up the offer are required to complete the participation form and submit it alongside evidence of payment to the registrar on or before the closing date.
Eterna said proceeds from the rights issue will be used to fund several operational upgrades and expansion plans, including the expansion of its retail outlets, upgrades to its lubricant blending plant, enhancement of LPG retail assets, acquisition of delivery assets, and the expansion of its aviation fuelling operations.
The rights issue allows existing shareholders to maintain or increase their equity position in the company. Shareholders who choose not to participate risk dilution of their ownership stakes.
Investors have been advised to consult their stockbrokers or financial advisers before making decisions regarding participation.
Based on the offer size and pricing, the company is expected to raise approximately ₦21.52 billion from the exercise.
