Oando seeks regulatory approval for N220bn Rights Issue

Oando Plc has submitted an application to the Nigerian Exchange Limited (NGX) for the approval and listing of a Rights Issue of 4,415,867,342 ordinary shares of 50 Kobo each at N50 per share.

The Rights Issue amounting to about N220billion, is on the basis of 1 (one) new ordinary share for every 2 (two) existing ordinary shares held.

Oando Plc said the Rights Issue is still subject to various regulatory approvals, including the approval of the Securities and Exchange Commission (SEC), Nigerian Exchange Limited (NGX), JSE Limited, and the Reserve Bank of South Africa (for shareholders in South Africa).

Oando Plc currently has 12,431,412,481 shares outstanding. These shares had reached a 52-week high of N71 per share and a corresponding week low of N35.75. The stock closed Tuesday February 17 at N44 per share.

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Oando seeks regulatory approval for N220bn Rights Issue

“A further announcement, including salient dates and times relating to the Proposed Rights Issue, will be published in due course,” the company said in a recent notice.

“With operational control firmly embedded and the foundations for growth clearly established, our focus is on the diligent execution of our development programme to accelerate production growth, strengthen cash generation and enhance long-term value creation. As we enter 2026, we will continue to allocate capital prudently, deepen operational resilience and build on the momentum achieved,” Wale Tinubu, group chief executive, Oando Plc noted following the company’s recently released unaudited results for the full year ended December 31, 2025.

Oando Plc revenue declined 21 percent year-on-year (YoY) to N3.21 trillion (FY 2024: N4.09 trillion), reflecting a deliberate reduction in lower-margin refined-product trading amid structural changes in the domestic downstream market, partly offset by higher upstream production volumes.

Also, gross profit decreased 82 percent year-on-year to N27.8 billion (FY 2024: N155.9 billion), driven by the change in revenue mix following reduced trading volumes and the impact of non-cash items, notwithstanding materially higher upstream output.

Profit after tax (PAT) increased 10 percent year-on-year to N241.3 billion (FY 2024: N220.1 billion), supported by higher upstream production, impairment reversals, and favourable tax adjustments.

Capital expenditure increased to N101.9 billion (FY 2024: N18.5 billion), reflecting increased investment in upstream development, facility integrity, and infrastructure optimisation following the assumption of operatorship.

Operating cash flow improved materially year-on-year, reflecting enhanced cash conversion, and improved working capital management.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.