Preline Limited, an investment vehicle owned by Gabriel Ogbechie, has successfully acquired a 60.98% stake in Eterna Plc in a landmark deal valued at ₦10.73 billion ($26.14 million). This acquisition makes Preline the largest shareholder in the integrated energy company, marking a significant milestone in the Nigerian oil and gas sector.
According to details from the Nigerian Exchange Limited (NGX), the transaction involved the crossing of 794,969,774 shares of Eterna Plc in an off-market trade at ₦13.50 per share, executed by Cordros Securities Ltd on behalf of the buyer.
Eterna Plc is a key player in the downstream oil and gas sector, with a retail footprint of over 70 active petroleum products outlets, a world-class lubricants manufacturing plant, and petroleum storage terminals serving retail, industrial, automotive, marine, and energy customers.
Following the acquisition, Preline Limited stated:
“This transaction brings us closer to our vision of becoming Africa’s preferred energy company. It strategically positions us to seize new opportunities in the industry while delivering superior value to our stakeholders, including customers, staff, communities, and shareholders.”
Eterna had earlier disclosed to the NGX that some of its substantial shareholders had executed a Sale and Purchase Agreement (SPA), enabling Preline to acquire the majority stake, subject to regulatory approvals.
Gabriel Ogbechie, the founder and CEO of RainOil Limited, now extends his influence in Nigeria’s energy sector through this acquisition, reinforcing his company’s dominance in oil trading, retail, and distribution.
