Nigerian oil magnate Gabriel Ogbochie’s stake in Eterna rebounds above $20 million

Nigerian oil tycoon Gabriel Ogbechie has regained ground in his stake in Eterna Oil as the company’s shares rebound on the Nigerian Exchange, pushing his holdings back above $20 million, thus offering a welcome turnaround after a challenging stretch earlier this year.

Ogbechie’s stake recovers $4.3 million

Ogbechie, founder of Rainoil Limited and chairman of Eterna, holds a 62.82 percent stake in the Lagos-based energy firm. Over the past 64 days, his stake has risen by N6.23 billion ($4.3 million) to N29.09 billion ($20.08 million), offsetting losses he suffered in the second quarter.

The recovery follows a steep decline between April 30 and Aug. 18, when Ogbechie’s holdings fell $6.39 million, dropping from N40.93 billion ($26.72 million) to N31.13 billion ($20.33 million) amid cautious trading in Nigeria’s equities market, driven by tax concerns and a uncertain macroeconomic and regulatory environment.

A rebound after earlier losses

Eterna, founded in 1989 as Eterna Oil & Gas, has grown from a small downstream operator into a diversified energy company with interests in lubricants, chemicals, crude oil trading, and retail distribution. The company’s expansion has helped it navigate market fluctuations, though its share price has seen periods of volatility.

Over the past nine weeks, Eterna’s shares have jumped 27.24 percent, rising from N27.9 ($0.0193) on Sept. 26 to N35.5 ($0.0245), thus boosting its market cap above $32 million, rewarding long-term shareholders and signaling renewed confidence in its business outlook.

For Ogbechie, the increase boosted the value of his stake from N22.86 billion ($15.78 million) on Sept. 26 to N29.09 billion ($20.08 million) at the time of writing. The rebound underscores investor faith in Eterna’s strategy and offers a measure of relief for shareholders.