Oando Plc has formally submitted an application to Nigerian Exchange Limited seeking approval to list a rights issue of 4,415,867,342 new ordinary shares as part of a capital-raising plan expected to generate about N220.79bn in fresh equity.
In a corporate disclosure dated February 17, 2026, and signed by the company’s Secretary, Folasade Ibidapo-Obe, Oando notified the NGX of its intention to offer one new ordinary share for every two existing ordinary shares held as of the qualification date.
The proposed rights issue will be priced at N50 per share and remains subject to regulatory approvals.
According to the company, the offer is contingent on approvals from the Securities and Exchange Commission, Nigerian Exchange Limited, JSE Limited, and the Reserve Bank of South Africa for shareholders in South Africa.
Oando currently has 12,431,412,481 ordinary shares outstanding on the NGX. If fully subscribed, the new issuance would significantly increase the company’s issued share capital.
Market analysts noted that rights issues are increasingly being adopted by NGX-listed companies to strengthen equity positions, finance expansion plans, support working capital, and improve balance sheet resilience without taking on additional debt.
Following the announcement, Oando’s shares recorded a negative trading movement on the NGX, closing at N43.4 per unit.
The proposed issue price of N50 per share represents a premium to recent trading levels, a factor that could influence shareholder participation once subscription details are finalised.
The company said further announcements would be made to provide salient dates and other details relating to the proposed rights issue.
