Preline Limited, the investment vehicle owned by Gabriel Ogbechie, has completed the mandatory takeover of 1,300,000 ordinary shares in Eterna Plc, equivalent to 0.10% equity stake, at a total transaction value of ₦17.55 million ($42,389 at 2022 exchange rates).
This follows the “Authority to Proceed” granted by the Securities and Exchange Commission (SEC) and aligns with the earlier takeover announcement made on April 19, 2022. The acquisition was executed at ₦13.50 per share, further solidifying Preline’s control over Eterna Plc.
Eterna Plc, a major player in Nigeria’s downstream oil and gas sector, confirmed the transaction in a disclosure to the Nigerian Exchange Limited (NGX), citing regulatory compliance and corporate responsibility to stakeholders.
This move comes months after Preline Limited’s acquisition of a 60.98% majority stake in Eterna Plc for ₦10.73 billion ($26.14 million), making it the largest shareholder in the company. The latest transaction reinforces Gabriel Ogbechie’s growing influence in Nigeria’s energy sector, particularly through RainOil Limited, his flagship oil and gas enterprise.
With this mandatory takeover completed, Preline Limited’s stake in Eterna Plc is now further consolidated, positioning Ogbechie as a dominant force in the industry.
