Energy giant, Oando Plc, has notified the Nigerian Exchange Limited (NGX) of an application for approval and listing of a Rights Issue of 4,415,867,342 ordinary shares to boost its capital base, news.ng reports.
In a notice to shareholders on Tuesday, the application was tendered last Friday, February 13, 2026, to raise fresh capital by issuing new shares at N50.00 per share.
Providing details of the application, Mrs. Folasade Ibidapo-Obe, Chief Compliance Officer and Company Secretary, stated: “The shareholders of Oando Plc (the Company) are hereby notified that on Friday, 13 February 2026, the Company submitted an application to the Nigerian Exchange Limited for the approval and listing of a Rights Issue of 4,415,867,342 (four billion, four hundred and fifteen million, eight hundred and sixty-seven thousand, three hundred and forty-two) ordinary shares of 50 Kobo each at N50.00 per share, based on 1 (one) new ordinary share for every 2 (two) existing ordinary shares held (the ‘Proposed Rights Issue’).”
Meanwhile, the proposed offer of N50.00 per share, which is subject to approval, will raise N220.79 billion, subject to full subscription.
Further details revealed that the offer is based on one new ordinary share for every two existing shares held by shareholders, allowing existing investors to maintain their proportional ownership in the company.
Although the transaction is subject to regulatory approval.
“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),” Ibidapo-Obe added.
It is expected that the proposed capital raise will boost the energy firm’s balance sheet and position it for expansion and efficient service delivery.
