Eterna Plc N21.52bn Rights Issue

Eterna Plc, a leading integrated energy company in Nigeria, has finalized arrangements for a rights issue to raise approximately N21.52 billion. The company will offer 978,108,485 ordinary shares at N22.00 per share, allowing existing shareholders to subscribe for three new shares for every four held as of November 27, 2025. The subscription period is scheduled from January 12, 2026, to February 18, 2026. This capital raise follows Eterna Plc's strong financial performance, including a 71% increase in revenue in 2024 and a return to profitability. The proceeds will be used to expand its retail network, upgrade its lubricant blending plant, enhance LPG retail assets, acquire commercial delivery assets, expand aviation fueling operations, and invest in ESG-related projects, as well as provide operational working capital. The Board of Directors, led by Gabriel Ogbechie, believes this initiative will strengthen Eterna Plc's competitive positioning in the downstream sector and support its growth in energy transition and retail expansion.