Table of Contents
Key Points
- Gabriel Ogbechie’s stake in Eterna lost $6.39 million in three months as shares fell on the Nigerian Exchange.
- Eterna’s market cap dropped below $35 million after its stock slipped from $0.0326 to $0.0248 since April.
- Despite losses, Eterna shares remain up 56% in 2025, turning a $100,000 investment into about $156,380.
Nigerian oil tycoon Gabriel Ogbechie, founder of Rainoil Limited and chairman of Eterna Plc, has seen his stake in the Lagos-listed energy firm shrink by $6.39 million over the past three months. The decline comes on the back of a steep fall in Eterna’s share price on the Nigerian Exchange (NGX), highlighting the challenges facing investors in the country’s oil and gas sector.
Ogbechie, who holds a 62.82-percent controlling stake in Eterna—amounting to 819.3 million shares—has watched the value of his stake drop from N40.93 billion ($26.72 million) in late April to N31.13 billion ($20.33 million). The slide has wiped out nearly N9.79 billion ($6.39 million) in paper value, making it one of the sharpest quarterly losses in his portfolio this year.
Gabriel Ogbechie’s stake shapes Eterna’s future
Founded in 1989 as Eterna Oil & Gas, the company has steadily expanded beyond its early focus to become a diversified player in Nigeria’s energy sector, with interests in lubricants, chemicals, crude oil trading, and retail distribution.
The turning point came in 2021, when Rainoil Limited, led by Gabriel Ogbechie, acquired a significant stake. That deal gave Ogbechie control of the company and firmly established his influence in both the downstream and midstream segments of the industry.
But the company’s market performance has been less encouraging. Eterna’s stock, which traded at N49.95 ($0.0326) on April 30, has since slipped to N38 ($0.0248). The drop pulled its market capitalization below $35 million, wiping out millions of dollars in value for shareholders.
Eterna shares up 56 percent YTD
Eterna has delivered solid year-to-date (YTD) gains despite recent losses. Its shares are still up 56.38 percent in 2025, showing resilience in Nigeria’s energy market. A $100,000 investment in Eterna shares at the start of the year would be worth about $156,380 today.
Even with the bumps along the way, Ogbechie remains focused on the bigger picture. He plans to push Eterna beyond its traditional downstream base into midstream and upstream oil operations. Analysts say this shift could help balance the company’s earnings and strengthen its standing in Africa’s changing energy landscape.
