Oando Plc has disclosed plans to raise up to ₦500 billion or its foreign currency equivalent through various capital market channels, pending shareholder approval at its 46th Annual General Meeting (AGM) scheduled for August 11, 2025.
The company aims to issue up to 10 billion new ordinary shares of 50 kobo each, either via a standalone offer or as part of a larger fundraising programme. As of July 18, Oando had 12.43 billion shares outstanding, trading at ₦50.5, with a 52-week high of ₦98.4 and a low of ₦17.45.
In its 2024 full-year financials, Oando reported:
Revenue of ₦4.086 trillion, nearly doubling from ₦2.845 trillion in 2023.
Group profit surged to ₦224.86 billion, up from ₦61.99 billion the previous year.
The proposed fundraising may take the form of public offers, rights issues, private placements, debt-to-equity swaps, or other methods as approved by the Board, and will be subject to regulatory clearance.
Additionally, the Board will seek approval to:
Convert up to $300 million of the company’s Reserves-Based Lending (RBL) debt into equity.
Establish a multi-instrument issuance programme worth up to $1.5 billion or its naira equivalent.
Accept any oversubscription arising from the capital raise.
Authorise necessary actions, documents, and appointments to facilitate these transactions.
These moves signal a bold restructuring and recapitalisation agenda aimed at strengthening the company’s balance sheet and long-term competitiveness.
