Eunisell Converts ₦200m Debt to Equity as 68.7m New Shares Hit NGX

Eunisell Interlinked Plc has converted ₦200 million of debt into equity, with 68.73 million additional ordinary shares admitted to trading on the Nigerian Exchange (NGX).

The new shares, priced at ₦2.91 each, increase Eunisell Interlinked’s issued and fully paid-up share capital from 236.70 million to 305.43 million shares, according to the latest NGX market bulletin. The transaction represents an increase of about 29% in the company’s outstanding share count.

The debt-to-equity conversion changes the structure of Eunisell’s balance sheet by replacing ₦200 million of debt with equity. Unlike a conventional cash capital raise, the transaction does not bring fresh cash into the business; its immediate financial significance is the reduction or settlement of the corresponding debt obligation and the resulting increase in equity capital.

The development comes after Eunisell reported full-year 2026 revenue of approximately ₦1.84 billion and net income of ₦353.91 million, compared with ₦1.41 billion and ₦190.48 million respectively in the previous year.

For investors, the conversion could strengthen the company's balance-sheet structure by reducing reliance on debt, although the enlarged share base could dilute existing shareholders' percentage ownership and future earnings per share if earnings do not grow proportionately.

Investors will watch how the debt conversion affects Eunisell's leverage, financing costs and earnings per share in subsequent financial statements.