Oando Seeks N220.8bn Fresh Capital, Suspends Share Transfers

Oando Plc has announced progress on its proposed capital raise, seeking to inject about N220.8bn through a rights issue, while imposing temporary restrictions on share transfers between its Nigerian and South African registers to ensure orderly execution of the offer.

In a market update, seen by THE WHISTLER, the company said it has applied to the Nigerian Exchange Limited (NGX) for the approval and listing of 4,415,867,342 ordinary shares of 50 kobo each at N50.00 per share.

The proposed rights issue will be offered on the basis of one new share for every two existing shares held by shareholders.

Oando noted that the capital raising exercise remains subject to regulatory approvals from the Securities and Exchange Commission (SEC), NGX, and the JSE Limited, reflecting its dual listing structure across Nigeria and South Africa.

As part of the process, the company confirmed that February 13, 2026 has been fixed as the qualification date, also referred to as the NGX record date, for shareholders eligible to participate in the rights issue, in line with SEC rules.

This date remains effective regardless of the timeline for final regulatory approvals.
However, Oando stated that the corresponding record date for shareholders on its South African register will be determined and communicated in due course, in compliance with JSE requirements.

To maintain the integrity of the process and prevent discrepancies in shareholder eligibility, the company announced a temporary freeze on transfers between its Nigerian and South African share registers. The restriction takes immediate effect and will remain in place from the NGX record date until the JSE record date is announced and concluded.

Under this arrangement, shareholders listed on the Nigerian register will be unable to transfer their holdings to the South African register, while those on the South African register are similarly restricted from moving shares to Nigeria during the period.

Market analysts note that such measures are standard practice for dual-listed companies undertaking rights issues, as they help preserve accurate shareholder records and ensure equitable participation across jurisdictions.

Oando added that further details, including key dates, offer timelines and subscription procedures for the rights issue, will be communicated to the market once all regulatory approvals have been secured.

The proposed capital raise is expected to strengthen the company’s balance sheet and support its strategic growth initiatives within Nigeria’s energy sector, as it continues to position itself for long-term value creation.