Eterna Plc said it has received the Securities and Exchange Commission’s (SEC) approval to proceed with its ₦21.52 billion Rights Issue of 978,108,485 ordinary shares of ₦0.50 each at ₦22.00 per share.
The disclosure was made in a statement issued on Monday by the Company Secretary, David Edet, and sent to shareholders and the Nigerian Exchange Limited (NGX).
The offer is exclusively for existing shareholders on the basis of three new ordinary shares for every four ordinary shares held as of 27 November 2025.
According to the indigenous integrated energy company, the Rights Issue opens on Monday, January 12, 2026, and will close on Wednesday, February 18, 2026.
It stated that the rights circular will be distributed to shareholders by the Registrars to the Offer, Greenwich Registrars and Data Solutions Limited, and will also be available on the company’s website.
“The Rights being offered are tradable on the floor of NGX for the duration of the Acceptance Period,” Eterna said. “Shareholders are encouraged to participate through the NGX Invest platform, which can be accessed at https://invest.ngxgroup.com. Shareholders may also participate in the Rights Issue by completing the paper Participation Form.”
The company further explained that completed participation forms, along with payment or proof of payment for the full subscription amount, must be submitted no later than Wednesday, 18 February 2026, to any of the Issuing Houses or receiving agents listed in the rights circular.
It noted that the Rights Issue presents existing shareholders with an opportunity to increase their equity stake in the company and strengthen their support for its long-term growth plans.
“The capital raised will be deployed to support several strategic initiatives, including the expansion of Eterna’s retail network, upgrading of its lubricant blending plant, enhancement of LPG retail assets, acquisition of commercial delivery assets, expansion of aviation fueling operations, and investments in ESG-related projects aligned with the Company’s sustainability objectives.
“Shareholders are advised to contact their stockbrokers and/or financial advisors for further information regarding the Offer,” Eterna added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
