Oando Plc has initiated a capital-raising effort by submitting an application to the Nigerian Exchange Limited to list a rights issue involving 4,415,867,342 new ordinary shares. This move aims to generate around N220.79 billion in new equity capital, making it a significant financial undertaking for the company. The rights issue is structured so that existing shareholders will have the opportunity to purchase one new share for every two shares they hold, at a price of N50 each, although this proposal is still contingent upon receiving regulatory approval.

The corporate disclosure was made on February 17, 2026, by the company’s Secretary, Folasade Ibidapo-Obe, emphasizing the importance of gaining approvals from several regulatory bodies. These include the Nigerian Securities and Exchange Commission, Nigerian Exchange Limited, JSE Limited, and the Reserve Bank of South Africa for shareholders residing in South Africa. The response from these organizations will be crucial in determining the timeline and success of this capital-raising initiative, as well as the economic implications it may have for both Oando and its investors.

By advancing this rights issue, Oando aims to strengthen its financial position and provide opportunities for investors to increase their holdings in the company. The proposed issuance of shares indicates Oando's confidence in its business strategy and future growth, aligning with broader trends in the Nigerian market as companies seek innovative ways to access capital to navigate the challenges posed by fluctuating oil prices and economic uncertainties. This move reflects not just Oando's ongoing operations, but also a dynamic shift in investment strategies within Nigeria's corporate sector.