Oando Plc has formally applied to Nigerian Exchange Limited for approval and listing of a proposed rights issue valued at approximately N220.8 billion, in a move aimed at strengthening its capital base and supporting strategic growth plans.
In a notice to shareholders dated February 17, 2026, the company disclosed that it intends to issue 4,415,867,342 ordinary shares of 50 kobo each at an offer price of N50 per share. The offer will be structured based on one new ordinary share for every two existing shares held.
The proposed transaction remains subject to regulatory approvals from multiple authorities, including the Securities and Exchange Commission, NGX, JSE Limited, and the South African Reserve Bank for shareholders resident in South Africa.
The company stated that further details, including the timetable and other key terms of the offer, will be communicated once approvals are secured.
Rights issues allow listed companies to raise fresh equity from existing shareholders, typically at a discount to market price, and are commonly used to reduce debt, finance acquisitions, or fund expansion projects. Market analysts say the scale of Oando’s planned issuance signals a significant capital programme, likely tied to ongoing upstream and infrastructure investments.
