Oando Proposes N220.8bn Rights Issue, Awaits Regulatory Approval

Oando Plc has said its proposed N220.8 billion right issue is awaiting approval from regulatory bodies, including the Nigerian Securities and Exchange Commission and the Nigerian Exchange Limited.

The Company made this known to the investing public on the Nigerian Exchange on Tuesday.

According to the Company, the shareholders of Oando are hereby notified that on February 13, 2026, the Company submitted an application to the Nigerian Exchange Limited for the approval and listing of a rights issue of 4.416 billion ordinary shares of 50 kobo each at N50.00 per share, on the basis of one new ordinary share for every two existing ordinary shares held.

“The proposed rights issue remains subject to various regulatory approvals, including the approval of the Nigerian Securities and Exchange Commission, Nigerian Exchange Limited (NGX), JSE Limited, and the Reserve Bank of South Africa (for shareholders in South Africa).”

Oando stated that “the operation is designed to strengthen the group’s financial structure and support its growth plans, at a time when Nigeria’s energy sector requires significant investment.

“It forms part of a broader capital restructuring plan that includes debt-to-equity conversions to be presented at a forthcoming board meeting. The goal is to clean up the balance sheet and improve financial flexibility for the group, which is listed on both the Nigerian Exchange and the Johannesburg Stock Exchange.”

Oando Plc is a Nigerian multinational energy company operating in the upstream, midstream and downstream.