Eterna Plc has commenced a rights issue of 978,108,485 ordinary shares of 50 kobo each at N22.00 per share, following approvals from the Securities and Exchange Commission and the Nigerian Exchange Limited (NGX).

In a notice to shareholders dated January 12, 2026, the company said the offer is being made to existing shareholders on the basis of three new ordinary shares for every four shares held as at November 27, 2025.

The rights circular will be distributed through the company’s registrars, Greenwich Registrars and Data Solutions Limited.

The offer opened on Monday, January 12, 2026, and will close on Wednesday, February 18, 2026. The rights are tradable on the floor of the NGX throughout the acceptance period.

Shareholders are encouraged to participate via the NGX Invest platform or by completing the paper participation form. Completed forms, together with evidence of payment for the full amount payable, must be submitted no later than February 18, 2026, to any of the issuing houses or receiving agents listed in the rights circular.

According to the company, proceeds from the rights issue will be deployed to support key strategic initiatives, including the expansion of Eterna’s retail network, upgrades to 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 its sustainability objectives.

Eterna said the rights issue provides existing shareholders an opportunity to increase their equity stake in the company while supporting its long-term growth strategy. Shareholders were advised to contact their stockbrokers or financial advisers for further details on the offer.