Gabriel Ogbechie’s stake in Eterna surpasses $13 million on NGX

Omokolade Ajayi -
Key Points
  • Gabriel Ogbechie’s 62.82% stake in Eterna Plc has surged to over $13 million, cementing his status among Nigeria’s wealthiest investors.
  • Eterna’s stock price increased more than 50% in recent months, boosting Ogbechie’s portfolio by $4.71 million within just 77 days.
  • Eterna expands into aviation fuel with a new facility at Murtala Muhammed International Airport, enhancing its service portfolio in Nigeria’s energy sector.

Gabriel Ogbechie, founder of Rainoil Limited and one of Nigeria’s leading oil magnates, is further cementing his influence in the country’s energy sector with his stake in Eterna Plc, a publicly listed integrated energy provider.

As bullish market momentum lifts Nigerian stocks, Ogbechie’s 62.82 percent stake in Eterna, which equates to 819,319,923 shares, has now surged in value — surpassing $13 million. This growth positions Ogbechie among the richest investors on the Nigerian Exchange (NGX).

Eterna stock soars, boosting Ogbechie's portfolio by $4.71 million

Eterna Plc, founded in 1989 as Eterna Oil & Gas, has transformed from a downstream operator into a diversified energy firm with interests in lubricants, chemicals, crude trading, and retail distribution. The firm is now eyeing expansion into Nigeria’s midstream and upstream sectors.

Ogbechie’s investment in Eterna — which began in 2021 when his company Rainoil acquired a controlling interest — has not only solidified his influence in the energy industry but also added significant value to his portfolio.

In recent months, Eterna’s stock price has surged more than 50 percent, from N17.6 ($0.0107) on August 7 to N27 ($0.0164) at present, propelling the company’s market capitalization to N35.2 billion ($21.4 million).

The surge has delivered major returns for Ogbechie, whose stake grew by N7.7 billion ($4.71 million) in just 77 days, rising from N14.42 billion ($8.82 million) on Aug. 17 to N22.12 billion ($13.52 million)—this increase solidifies his position among Nigeria’s wealthiest investors.

Gabriel Ogbechie’s journey to oil leadership

Gabriel Ogbechie’s rise in Nigeria’s oil and gas industry began in 1997 when he founded Rainoil, a downstream oil company. Over the past 27 years, Rainoil has expanded its operations to encompass the full downstream value chain, including petroleum product storage, distribution, and retail.

Ogbechie’s business acumen has turned Rainoil into a major player in Nigeria’s energy sector, breaking ground once dominated by foreign firms. Rainoil’s 2021 acquisition of a majority stake in Eterna enabled Ogbechie to diversify further, with Eterna expanding into key areas like aviation fuel.

Eterna opens fuel facility in Lagos

Earlier this week, Eterna launched its into-plane Jet-A1 fuel operations at Murtala Muhammed International Airport in Lagos. This move enhances its service portfolio, especially following the commissioning of the Joint User Hydrant Installation 2 (JUHI-2) facility, which is Nigeria’s largest airside jet fuel depot with a capacity of 15 million liters.

The expansion strengthens Eterna’s position in aviation fuel distribution as the company pursues broader growth in midstream and upstream operations. Ogbechie’s stake in Eterna is key to his investment strategy, as bullish trends on the Nigerian Exchange and increasing operational capacity are expected to boost his wealth and influence in the energy sector.