Oando Plc (NGX: OANDO) is set to raise additional capital up to ₦500 billion or its foreign currency equivalent in the Nigerian and/or international capital markets through the issuance of new shares.
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The Company will raise the capital through the issuance of up to 10,000,000,000 (Ten Billion) ordinary shares of 50 kobo each.
Shareholders will be asked to consider and if thought fit pass special resolutions to consider the capital raise and restructuring initiatives.
Aside the capital raise, the Board will be seeking shareholder’s authorization to enter into capital restructuring agreements with key stakeholders and lenders and convert up to US$300 out of the Company’s existing Reserves-Based Lending debt into equity, subject to terms and conditions to be determined by the Directors.
Furthermore, the Board will also be seeking authorization to establish to establish a multi-instrument issuance programme in an amount up to US$1.5 billion or its Naira equivalent and to proceed with subsequent issuances of bonds, certificates, instruments and/or other securities under the Programme, at such time and on such terms and conditions to be determined by the Directors subject to obtaining all relevant regulatory approvals subject to terms and conditions to be determined by the Board.
In a regulatory filing on Monday, Oando Plc announce that the 45th Annual General Meeting of the Company will be held virtually on Monday, August 11, 2025, at 10:00am.
At the said meeting. Shareholders will be asked to pass the relevant resolutions increasing the Company’s share capital by the specific
number of new ordinary shares required for the respective capital raising programmes undertaken by the Company, including any oversubscriptions; and allot such said number of new ordinary shares upon completion of the capital raising programme(s).
Oando Plc, formerly Unipetrol Nigeria Plc, has 12.43 billion outstanding shares and a market capitalization of ₦521.57 billion at the end of trading on Monday, 21st July, 2025.
In August, 2024, Oando Plc completed a $783 million acquisition of Nigerian Agip Oil Company (NAOC), a unit of Italy’s oil supermajor Eni.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
