Eterna Plc, a frontrunner in Nigeria’s vitality sector, has introduced a N10 billion rights situation, providing 978,108,485 new Strange Shares at a set value of N22.00 per share.
This provide is made on the idea of 3 new shares for each 4 shares held by shareholders as of the shut of enterprise on November 27, 2025.
The Rights Difficulty opened on January 12, 2026, and can shut on February 18, 2026.
This discounted provide presents a vital alternative for Eterna’s current shareholders to extend their stakes at a extra engaging valuation in comparison with the market value on the qualification date.
The N10 billion raised from the Rights Difficulty is anticipated to be allotted as follows:
Eterna Plc is listed on the Nigerian Change (NGX).
The corporate manufactures and distributes lubricants and chemical compounds, trades crude oil, and operates a rising community of filling stations.
It additionally plans to broaden into the midstream and upstream segments of the vitality sector.
Eterna operates a world-class lubricants mixing plant with a state-of-the-art laboratory, producing Castrol and Eterna-branded merchandise for Nigeria and the broader West African market.
The corporate has additionally expanded its fuels and advertising infrastructure, together with a 34-million-litre coastal tank farm in Lagos, an aviation gas depot close to Nnamdi Azikiwe Worldwide Airport, Abuja, and a rising variety of filling stations nationwide.
The N10 billion rights situation supplies Eterna Plc with a well timed alternative to restructure its steadiness sheet, notably by addressing its elevated debt ranges and tight liquidity place.
As of September 2025, the corporate’s debt-to-equity ratio stood at about 7 instances, highlighting the extent to which finance prices proceed to weigh on earnings.
A portion of the proceeds is anticipated to be utilized to debt discount, which ought to ease curiosity bills and enhance earnings high quality over time.
Whereas this will not instantly translate into a pointy leap in profitability, it reduces steadiness sheet danger and improves the sustainability of future earnings.
The enlarged share base following the rights situation will result in near-term dilution of earnings per share.
Nevertheless, administration’s projections recommend that the impression of dilution could possibly be partly offset by decrease finance prices and improved working effectivity.
For context, full-year 2025 revenue is forecast at round N1 billion, translating to an estimated 77 kobo per share, whereas projected first-quarter 2026 earnings of N485 million suggest an EPS of about 21 kobo, even after accounting for the extra shares.
For shareholders with a medium-term outlook, taking part within the rights situation helps shield in opposition to dilution and permits extra shares to be acquired at a vital low cost.
