Gabriel Ogbechie, chairman of Eterna Plc and founder of Rainoil Ltd., has seen the market value of his stake in the Nigerian energy company climb above $50 million as its shares recover on the Nigerian Exchange. The rebound has restored millions of dollar in shareholder wealth following a sharp decline earlier this year.

Ogbechie holds an indirect stake of 1,519,011,592 shares in Eterna, representing 69.48% of the company. His holdings are held through Preline Ltd., which owns 1,433,809,865 shares, or 65.58%, and Norsworthy Investment Ltd., with 85,201,727 shares, equivalent to 3.90%.

His combined stake has increased substantially in both volume and percentage from 819.32 million shares, or 62.82%, held through Preline as of June 30, 2025. The increase followed Eterna’s N21.52 billion ($16.2 million) rights issue, which comprised 978.11 million new ordinary shares and expanded the company’s issued share capital to 2.186 billion shares.

Eterna shares stage recovery

Market data tracked by Shore Africa shows Eterna shares rose 58.56% between June 30 and the latest reported valuation, climbing from N27.75 ($0.021) to N44 ($0.033). The advance lifted the company’s market capitalization above N96 billion ($72.3 million), reflecting renewed buying interest in the stock.

The rally increased the market value of Ogbechie’s holding from N42.15 billion ($31.75 million) to N66.84 billion ($50.34 million). That represents a gain of N24.68 billion ($18.59 million), over the period as investors reassessed the company’s earnings performance.

The rebound follows a steep decline earlier in the year. Between March 10 and May 27, the market value of Ogbechie’s Eterna holding fell from N42.81 billion ($32.23 million) to N28.92 billion ($21.78 million), wiping about $10 million from the value of his stake before the latest recovery.

Profit growth drives buying

Eterna’s latest financial results provide context for the renewed interest in its shares. The company reported higher revenue and stronger profitability for the six months ended June 30, 2026, while successfully completing a rights issue. The results reflected improved operating performance across its petroleum products and energy businesses.

Unaudited consolidated results showed revenue rose 38% to N217.31 billion ($163.82 million), from N157.65 billion ($118.71 million) in the previous year. Gross profit more than doubled, up 131.6% to N15.99 billion ($12 million) from N6.90 billion ($5.19 million), while operating profit climbed to N8.78 billion ($6.62 million), from N2.34 billion ($1.76 million).

Profit after tax increased 925.7% to N5.88 billion ($4.43 million), compared with N573.81 million ($432,137) a year earlier. Earnings per share rose to N2.69 ($0.002), from N0.44 ($0.0003), while total assets stood at N82.75 billion ($62.34 million as of June 30.

Eterna’s energy business

Incorporated in 1989 as Eterna Oil & Gas Ltd., the company began operations in 1991, became a public limited company in 1997 and listed on the Nigerian Stock Exchange in 1998. The exchange has since been renamed the Nigerian Exchange, or NGX.

Eterna operates across Nigeria’s energy value chain, manufacturing and selling lubricants and petrochemicals while importing and distributing petroleum products, including petrol, diesel, base oils, bitumen and low-pour fuel oil. Its activities also include liquefied petroleum gas distribution, natural gas, bunkering, oilfield services and engineering support.

Ogbechie’s broader business interests

Ogbechie founded Rainoil in 1997 and has more than 30 years of experience in oil and gas sales, marketing and operations. The company has expanded across the downstream petroleum sector, with additional interests in agro-allied businesses, real estate and hospitality.

His business interests extend across energy, financial services, agro-allied operations and real estate, with board positions at companies including Norsworthy Investments Ltd., Fynefield Petroleum Co. Ltd., Gobel Marine Services Ltd. and Eterna. Through the Gabriel Ogbechie Foundation and Rainoil’s community programs, he has also backed scholarships and community initiatives.

The increase in Ogbechie’s stake, coupled with Eterna’s rising share price, has lifted the market value of his investment, placing him among the Nigerian Exchange’s wealthiest investors. The gain also highlights how movements in listed energy stocks can quickly reshape the paper wealth of major shareholders.