Eterna Plc has obtained the approval of the Securities and Exchange Commission (SEC) to commence a Rights Issue of 978.11 million ordinary shares of ₦0.50 each at ₦22.00 per share, offering existing shareholders an opportunity to increase their equity stake in the company.
The company disclosed this in a notification to its shareholders and the Nigerian Exchange Limited (NGX), signed by General Counsel and Company Secretary of Eterna Plc, David Edet.
Under the offer, shareholders will be entitled to three new ordinary shares for every four shares held as at 27 November 2025.
According to the statement, the Rights Issue opened on Monday, 12 January 2026, and will close on Wednesday, 18 February 2026.
The rights will be tradable on the floor of the NGX throughout the acceptance period.
Eterna Plc stated that the Rights Circular will be distributed to shareholders by the registrars to the offer, Greenwich Registrars and Data Solutions Limited, and is also available on the company’s website.
Shareholders are encouraged to participate through the NGX Invest platform, while participation is also possible via the completion of paper participation forms.
Completed forms, alongside evidence of full payment, are to be submitted to any of the issuing houses or receiving agents listed in the Rights Circular on or before the closing date of 18 February 2026.
The company explained that the Rights Issue is aimed at strengthening its capital base to support its long-term growth strategy.
Proceeds from the offer will be deployed to key strategic initiatives, including the expansion of Eterna’s retail network, upgrading of its lubricant blending plant, enhancement of liquefied petroleum gas (LPG) retail assets, acquisition of commercial delivery assets, expansion of aviation fuelling operations, and investments in environmental, social and governance (ESG) projects aligned with its sustainability objectives.
Eterna Plc advised shareholders to consult their stockbrokers and financial advisers for further details regarding the offer.