Table of Contents
Key Points
- Eterna’s stock climbed 106% in 2024, boosting Gabriel Ogbechie’s stake by $2.21 million despite naira depreciation.
- Despite naira devaluation, Ogbechie’s holdings in Eterna climbed to $15.08 million, highlighting the resilience of Nigeria’s oil and gas sector.
- Ogbechie leverages Rainoil and Eterna for midstream, upstream, and aviation fuel operations, strengthening his position in Nigeria’s energy sector.
Nigerian oil magnate Gabriel Ogbechie, founder of Rainoil Limited, added $2.21 million to his wealth this year, fueled by the strong performance of his 62.82 percent stake in Eterna Plc. The holdings, totaling 819.3 million shares, underscore Ogbechie’s position as one of Nigeria’s richest individuals.
The gain comes amid economic headwinds, including a 41.5 percent devaluation of the naira after the Central Bank of Nigeria liberalized exchange rates. While asset values broadly declined, Ogbechie’s stake showed resilience. A stable naira could have added $13.61 million to his portfolio, highlighting the potential upside in a stronger economic environment.
Eterna's stock soars 106% in local currency as Ogbechie's stake gains $2.2 million
Established in 1989 as Eterna Oil & Gas, Eterna has transformed into a diversified energy firm with operations in lubricants, chemicals, crude trading, and retail distribution. Ogbechie, a key figure in Nigeria’s energy sector, gained control of Eterna in 2021 through Rainoil’s acquisition of a stake. He now aims to expand the company into midstream and upstream operations.
Eterna’s stock has surged 105.78 percent in 2024, rising from N13.85 to N28.5 on the Nigerian Exchange. In dollar terms, the gain is 17.15 percent, with the price increasing from $0.016 to $0.018 despite naira depreciation. The rally has lifted the company’s market capitalization above $20 million, attracting investor interest.
Ogbechie’s stake in Eterna climbed from N11.35 billion to N23.35 billion this year, a N12 billion gain. In dollar terms, his holdings rose from $12.87 million to $15.08 million, adding $2.21 million. The performance underscores the resilience of Nigeria’s oil and gas sector, rewarding shareholders amid economic headwinds.
Gabriel Ogbechie builds energy empire with Rainoil, Eterna investments
Ogbechie’s journey in Nigeria’s energy sector began in 1997 with the founding of Rainoil, a downstream oil firm. Over 27 years, the company has become a key player, handling petroleum storage, distribution, and retail.
In 2021, Ogbechie acquired a majority stake in Eterna, diversifying into aviation fuel distribution. Eterna recently launched its into-plane Jet-A1 fuel operations at Lagos’ Murtala Muhammed International Airport, leveraging the new JUHI-2 facility, a 15-million-liter jet fuel depot—the largest in Nigeria.
Eterna’s push into midstream and upstream operations underscores Ogbechie’s strategic vision. Rising shares on the Nigerian Exchange and expanding capacity position both Rainoil and Eterna to cement his influence and wealth in the energy sector.
