Eterna Plc has strengthened its position on the Nigerian Exchange (NGX) after listing an additional 882.06 million ordinary shares, a move that significantly increases its total share capital and expands investor participation in the company.
According to a weekly report released by the Nigerian Exchange on May 22, 2026, the new shares were officially added to the daily official list on May 20, 2026. This development follows the company’s successful rights issue exercise aimed at raising fresh capital to support its expansion and operational plans.
The rights issue involved 978.108 million ordinary shares priced at ₦22.00 each. Investors were offered the shares on the basis of three new shares for every four existing shares held as of November 27, 2025. The exercise recorded a strong subscription level of 90.18 percent, reflecting solid investor confidence in the company’s direction.
With the listing of the new shares, Eterna Plc’s total issued and fully paid-up shares have increased from 1.304 billion to 2.186 billion ordinary shares of 50 kobo each. This marks a major increase in the company’s market float, giving more room for trading activity on the NGX.
The company said the funds raised from the rights issue will be deployed into several key growth areas. These include expanding its retail fuel network, upgrading its lubricant blending facility, and improving its liquefied petroleum gas (LPG) infrastructure. It also plans to invest in commercial delivery assets and expand its aviation fuel operations across Nigeria.
In addition, part of the proceeds will go toward environmental, social, and governance (ESG) projects, aligning with the company’s sustainability commitments. Management also revealed that some of the funds will be retained as working capital to improve liquidity and support day-to-day operations such as inventory financing and managing short-term trade obligations.
Eterna Plc explained that this financial buffer is important in helping the company remain stable in a volatile market environment, especially amid foreign exchange fluctuations and potential supply chain disruptions.
Speaking on the development, the Chairman of the Board, Dr. Gabriel Ogbechie, described the rights issue as a strategic milestone in the company’s long-term growth plan. He said the capital raise would allow Eterna to strengthen its position in Nigeria’s downstream energy sector while unlocking new opportunities across its value chain.
According to him, the company remains focused on delivering long-term value to shareholders while expanding its operational footprint in energy distribution, logistics, and infrastructure development.
The listing is expected to improve liquidity in Eterna Plc’s shares and attract more investor interest as the company continues its expansion strategy in Nigeria’s energy market.
