Shareholders of Oando Plc (NGX: OANDO) have approved a wide range of resolutions designed to improve the Company’s capital situation at its 46th Annual General Meeting held on Monday, August 11, 2025.
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The shareholders approved ₦500 billion capital raise in the Nigerian and/or international capital markets through the issuance of up to 10,000,000,000 ordinary shares of 50 kobo each..
Shareholders also approved a resolution to enter into capital restructuring agreements with key stakeholders and Lenders and convert up to US$300mn out of the Company’s existing Reserves Based Lending dent into equity.
Furthermore, they authorized the Board to establish a multi-instrument programme in an amount up to US$1.50bn or its Naira equivalent and to proceed with subsequent issuances of bonds, certificates, instruments and/or other securities under the programme.
Following the capital raising programmes, Shareholders approved an increase in issued share capital of the Company by the specific number of new ordinary shares required for the respective capital raising programmes undertaken by the Company, including oversubscriptions.
Results of the Annual General Meeting released by the Company on the Nigerian Exchange Limited showed that the following resolutions were proposed;
“Capital Raise and Restructuring Initiatives
A favourable resolution was given to the capital raise and financial restructuring initiatives of the Company as outlined below, in compliance with the Companies and Allied Matters Act (2020).
- The Company and is hereby authorised to raise additional capital of up to N500,000,000,000.00 (Five Hundred billion Naira only) or its foreign currency equivalent in the Nigerian and/or international capital markets through the issuance of up to 10,000,000,000 (Ten Billion) ordinary shares of 50 kobo each, either as a standalone issue or by the establishment of capital raising programmes, whether by way of public offerings, private placements, debt to equity conversions, rights issues and/or other transaction modes, at price(s) determined through book building or any other acceptable valuation method or combination of methods at such dates, and on such terms and conditions as may be determined by the Board of Directors of the Company (the “Board”) subject to obtaining the requisite regulatory approvals;
- The Board be and is hereby authorized to enter into capital restructuring agreements with key stakeholders and Lenders and convert up to US$ 300,000,000.00 (Three Hundred Million US Dollars only) out of the Company’s existing Reserves-Based Lending (RBL) debt into equity, subject to terms and conditions to be determined by the Directors;
- The Board be and is hereby authorized to establish a multi-instrument issuance programme in an amount up to US$1,500,000,000.00 (One Billion, Five Hundred million US Dollars only) 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;
- The Company be and is hereby authorised to accept surplus monies arising from any potential oversubscription from the capital raising programmes, in
such proportion as may be determined by the Board, subject to obtaining the relevant regulatory approvals; and - The Board be and is hereby authorized to enter into any agreements and/or execute any documents, appoint such professional parties, perform all such
other acts and do all such other things as may be necessary for or incidental to effecting the above resolutions, subject to obtaining the approvals of relevant regulatory authorities, including without limitation, complying with the directives of any regulatory authority.
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
