Oando capital raise ₦220.8bn rights issue plan as firm seeks approval for share offer and restricts transfers across Nigerian and South African registers
Oando Plc, on Wednesday, 29 April 2026, announced plans to raise approximately ₦220.8 billion through a rights issue as part of a broader capital restructuring effort aimed at strengthening its financial position and supporting expansion within Nigeria’s energy sector.
Also read: Oando announce acquisition, deployment of 50 new electric buses, backs FG’s initiative
Oando Announces ₦220.8bn Capital Raising Plan via rights issue plan involves the issuance of 4,415,867,342 ordinary shares of 50 kobo each at ₦50.00 per share, according to a market update submitted to the Nigerian Exchange Limited, NGX.
Under the proposed arrangement, shareholders will be offered one new share for every two existing shares held, subject to regulatory approvals from the Securities and Exchange Commission, NGX, and the Johannesburg Stock Exchange, reflecting the company’s dual listing status.
Oando confirmed that February 13, 2026, has been fixed as the qualification date for shareholders on the Nigerian register to participate in the offer, in line with regulatory requirements.
The company added that the equivalent record date for its South African register will be announced separately, following compliance procedures set by the JSE.
As part of measures to ensure an orderly process, Oando imposed a temporary suspension on share transfers between its Nigerian and South African registers.
The restriction takes immediate effect and will remain in place until the respective record dates in both jurisdictions are finalised.
Under the arrangement, shareholders will not be able to move holdings between registers during the period, a step the company said is necessary to maintain accurate records and ensure fairness in participation.
The energy firm stated that further details, including timelines and subscription procedures, will be released once all regulatory approvals are secured.
Market analysts have described the move as a standard requirement for dual-listed companies executing rights issues, noting that it helps maintain transparency and consistency across markets.
Also read: Oando receives electric mass transit buses for usage in Lagos
The planned capital raise is expected to support Oando’s strategic growth plans and strengthen its balance sheet as it positions for long-term value creation in the sector.
