Nigerian oil magnate Gabriel Ogbechie, founder of Rainoil Limited, added $2.21 million to his wealth this year, driven by the strong performance of his 62.82% stake in Eterna Plc. His holdings, totaling 819.3 million shares, highlight his position as one of Nigeria’s richest individuals.
The gain comes despite economic headwinds, including a 41.5% devaluation of the naira after the Central Bank of Nigeria liberalized exchange rates. While asset values broadly declined, Eterna’s resilience was evident. A stable naira could have increased Ogbechie’s stake by as much as $13.61 million, underscoring the potential of a more stable economic environment.
Eterna Plc, founded in 1989 as Eterna Oil & Gas, has grown into a diversified energy firm with operations spanning lubricants, chemicals, crude trading, and retail distribution. Ogbechie gained control of Eterna in 2021 through Rainoil’s acquisition of a majority stake, cementing his influence in Nigeria’s energy sector. He has since focused on expanding Eterna into midstream and upstream operations.
Eterna’s stock price surged by 105.78% in 2024, rising from N13.85 to N28.5 on the Nigerian Exchange (NGX). Despite the naira’s depreciation, this translated to a 17.15% gain in dollar terms, with the stock price increasing from $0.016 to $0.018. The rally pushed Eterna’s market capitalization beyond $20 million and bolstered Ogbechie’s stake, which climbed from N11.35 billion to N23.35 billion, marking a N12 billion gain. In dollar terms, his holdings rose from $12.87 million to $15.08 million, adding $2.21 million to his portfolio.
Eterna’s exceptional performance reflects the company’s resilience and Ogbechie’s strategic vision. In 2024, Eterna recorded a remarkable 354.4% increase in net profit, reaching over $14 million in the first half of the year, compared to $3.06 million during the same period in 2023.
Ogbechie’s influence extends beyond Eterna through his leadership at Rainoil, a company he founded in 1997. Rainoil has become a major player in Nigeria’s downstream oil sector, with operations in petroleum storage, distribution, and retail. In 2021, he diversified into aviation fuel distribution by acquiring a majority stake in Eterna.
Eterna recently launched Jet-A1 fueling operations at the JUHI-2 facility at Lagos’ Murtala Muhammed International Airport. The facility, Nigeria’s largest jet fuel depot, has a 15-million-liter capacity, further solidifying Eterna’s leadership in aviation fuel distribution.
With Eterna’s continued push into midstream and upstream operations and its rising share price, Ogbechie’s wealth and influence within Nigeria’s energy sector are set to grow. His strategic initiatives position both Rainoil and Eterna to strengthen their impact in the oil and gas industry, cementing his legacy as a visionary leader in the sector.
