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Eterna Plc, the Nigerian downstream energy company backed by oil mogul Gabriel Ogbechie, has opened a N21.5 billion ($14.9 million) rights issue as it pushes to strengthen its finances and expand its operations. The move signals a renewed phase for the company as it seeks to place itself on firmer ground after a volatile period in the industry.
Shareholders offered three-for-four rights
The capital raise covers 978,108,485 ordinary shares priced at N22 each, a structure expected to bring in about N21.52 billion ($14.9 million). The arrangement was formally sealed at a signing ceremony on Dec. 2, marking one of the company’s most significant financial steps since shareholders approved the fundraising plan in July 2025.
Under the terms, shareholders can subscribe to three new shares for every four held as at the close of business on Nov. 27. The offer will open on Jan. 12, 2026 and close on Feb. 18, giving investors several weeks to take up their rights. Company officials say the window is designed to give all existing shareholders a fair chance to participate.
Eterna plans growth after Rainoil takeover
Eterna, founded in 1989 as Eterna Oil & Gas, has expanded from a small petroleum-products operation into a business spanning lubricants, chemicals, crude trading and retail distribution. The company’s direction shifted in 2021 after Rainoil Ltd., led by Gabriel Ogbechie, acquired a controlling stake. Ogbechie now holds 62.82 percent of the shares and oversees its strategy.
Since the takeover Eterna has been assessing opportunities to broaden its role in the energy value chain. Its next phase could include selective moves into midstream and upstream activities, depending on market conditions and regulatory clarity.
Eterna swings back to profit
The new shares will rank equally with the company’s existing stock. The rights issue comes after a strong financial rebound. Eterna reported a 71 percent jump in revenue to N313.6 billion ($217 million) in 2024, reversing a tough 2023 that ended with a loss. Profit before tax reached $3.1 million, a sharp turnaround from the $8.28 million loss posted a year earlier.
That recovery continued into 2025. The company recorded N157.65 billion ($103.9 million) in revenue in the first half of the year, up from N147.53 billion in the same period in 2024. Net profit was N573.81 million ($0.4 million), marking a return to after a heavy N4.84 billion loss in the first half of last year. A small FX gain of N13 million ($9,000) replaced the N14.46 billion ($10 million) FX loss recorded previously, giving Eterna additional breathing room.
