Oando Seeks Regulatory Approval For N220.79bn Rights Issue

Oando Plc has said it is seeking regulatory approval for a rights issue of 4.415 billion shares at N50 per share, aiming to raise N220.79 billion to support its business growth.

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

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, in its 2025 full-year results for the period ended December 31, 2025, showed that Group revenue declined 21.5 per cent year-on-year to N3.21 trillion from N4.09 trillion in 2024, reflecting lower trading volumes following a deliberate rebalancing of the Trading Division’s portfolio amid structural changes in the domestic downstream market. Profit after tax increased 9.6 per cent year-on-year to N241.3 billion in the full year 2025, compared to N220.1 billion in 2024.

The group chief executive, Oando, Wale Tinubu, said, “2025 was a year of relentless execution as we successfully transitioned from the integration of the NAOC Joint Venture into operational delivery. Over the year under review, we reinforced asset integrity, strengthened security across our operating areas and materially improved uptime, delivering a 32 per cent year-on-year increase in total production.”

He added that “building on this foundation, we launched our development drilling programme with the successful completion and start-up of the Obiafu-44 gas-condensate well. This well represents the first execution milestone within a phased 36-well development programme, designed to restore field deliverability, unlock incremental production and advance the Group’s medium-term growth objectives.”

Tinubu added, “In our downstream trading business, we responded decisively to evolving market dynamics by deliberately rebalancing our portfolio away from gasoline importation toward higher-margin crude and gas opportunities.

“We expanded global exports and leveraged structured offtake and pre-export financing arrangements to support liquidity, cash-flow resilience and effective production monetisation for our clients.

“With operational control firmly embedded and the foundations for growth clearly established, our focus is on the diligent execution of our development programme to accelerate production growth, strengthen cash generation and enhance long-term value creation. As we enter 2026, we will continue to allocate capital prudently, deepen operational resilience and build on the momentum achieved.”