Gabriel Ogbechie, Nigerian oil mogul and chairman of Eterna Plc, has seen the value of his holding in the energy company fall by N13.89 billion ($10.11 million) over the past two months, as shares of the listed firm extended losses on the Nigerian Exchange (NGX).

Ogbechie, who also serves as group managing director of Rainoil Limited, holds a controlling indirect stake of 839,435,196 shares in Eterna, representing 64.36%. His exposure is held through Preline Limited, with 819,319,923 shares (62.82%), and Norsworthy Investment Limited, with 20,115,273 shares (1.54%).

Share price decline weighs on valuation

Market data tracked by Shore Africa over the period shows Eterna shares declined 32.45% on the Nigerian Exchange since March 10, falling from N51 ($0.037) to N34.45 ($0.025). The drop reduced the company’s market capitalization to N75.3 billion ($54.8 million).

As a result, Ogbechie’s stake value fell from N42.81 billion ($31.15 million) to N28.92 billion ($21.04 million), reflecting the N13.89 billion ($10.11 million) loss.

The decline in the share price was driven by weaker revenue performance, pressure in the company’s lubricants segment, rising financing costs, and investor caution over dilution risks tied to a recent rights issue. This came despite a stronger profit performance in the first quarter of 2026.

*Gabriel Ogbechie, chairman of Eterna Plc.*

Eterna Plc’s performance and operations

Eterna Plc, incorporated on Jan. 13, 1989 as Eterna Oil & Gas Ltd., began operations in 1991. It was re-registered as a public limited company in 1997 and listed on the Nigerian Stock Exchange, now the NGX, in 1998.

Eterna Plc, a Nigerian energy company, operates across the energy value chain, including the manufacturing and sale of lubricants and petrochemical products, importation and distribution of petroleum products such as petrol, diesel, low-pour fuel oil, base oils, and bitumen. It also provides bunkering services, LPG and natural gas distribution, offshore and onshore oil services, gas processing, and engineering support services for the energy sector.

Mixed first-quarter results and leadership change

For the quarter ended March 31, 2026, Eterna reported revenue of N70.51 billion ($51.3 million), a 3.92% decline from N73.27 billion ($53.3 million) a year earlier. Cost of sales eased to N64.8 billion ($47.14 million) from N68.96 billion ($50.17 million).

Despite the slight top-line decline, the company’s profitability surged over 100% to N1.38 billion ($1 million), compared with N687.23 million ($500,000) in the same period in 2025, due to aggressive cost-cutting in operations.

In a separate development, the board announced the appointment of Jude Nwaulune as managing director and chief executive officer, effective May 14, 2026. He succeeds Olumide Adeosun, who stepped down on May 13, 2026.

The transition comes as the company navigates a volatile trading environment and works to stabilise investor confidence following recent share price losses.