By Ayomide Otitoju
Oando Plc has applied to Nigerian Exchange Limited for approval to list a rights issue of 4.42 billion new ordinary shares, in a move aimed at raising approximately N220.79 billion in fresh equity capital.
In a corporate filing dated February 17, 2026, and signed by the company secretary, Folasade Ibidapo-Obe, Oando disclosed its intention to offer one new ordinary share for every two existing shares held as of the qualification date.
The proposed offer will be priced at N50 per share and remains subject to regulatory approvals from the Securities and Exchange Commission, Nigerian Exchange Limited, JSE Limited, and the Reserve Bank of South Africa for shareholders based in South Africa.
Oando currently has 12.43 billion outstanding ordinary shares listed on the NGX. If fully subscribed, the new issuance would significantly expand the company’s share capital.
Market analysts note that rights issues have become a common strategy among NGX-listed firms seeking to strengthen their equity base, fund expansion projects, support working capital, and improve balance sheet resilience without increasing debt exposure.
Following the announcement, Oando’s shares declined to close at N43.40 per unit on the NGX. The N50 offer price represents a premium to the stock’s recent trading level, a factor that may influence shareholder participation once subscription timelines are announced.
The company said further details, including key dates and subscription procedures, will be communicated in due course.
