Eterna Plc, a pacesetter in Nigeria’s power sector, has introduced a N21.518 billion rights situation, providing 978,108,485 new Bizarre Shares at a set worth of N22.00 per share.
This supply 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 Subject opened on January 12, 2026, and can shut on February 18, 2026.
This discounted supply presents a important alternative for Eterna’s present shareholders to extend their stakes at a extra engaging valuation in comparison with the market worth on the qualification date.
The N21.518 billion raised from the Rights Subject is anticipated to be allotted as follows:
Eterna Plc is listed on the Nigerian Change (NGX).
The corporate manufactures and distributes lubricants and chemical substances, trades crude oil, and operates a rising community of filling stations.
It additionally plans to develop into the midstream and upstream segments of the power 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 gasoline depot close to Nnamdi Azikiwe Worldwide Airport, Abuja, and a rising variety of filling stations nationwide.
The N21.518 billion rights situation gives 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 may occasionally not instantly translate into a pointy leap in profitability, it reduces steadiness sheet threat 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.
Nonetheless, administration’s projections counsel that the affect of dilution may very well 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 further shares.
Bottomline
For shareholders with a medium-term outlook, taking part within the rights situation helps shield in opposition to dilution and permits further shares to be acquired at a important low cost.
