Uche Amunike
Lifeandtimes News Writer
Oando Plc has disclosed that it is seeking regulatory approval for a rights issue 4.415 billion shares at N50 per share with the aim of raising N220.8 billion to support its business growth.
This announcement was made available to the investing public on the Nigerian exchange Limited, yesterday.
According to Oando Ltd, their shareholders were notified that on February 13, 2026 the company submitted an application to the Nigerian Exchange Limited for the approval and listing of the right issue of 4.416 billion ordinary shares of 50 kobo each, at N50 per share on the basis of one new ordinary share for every two existing ordinary shares held.
They stated that the proposed rights issue remains subject to various regulatory approvals, including the approval of the Nigerian Securities and Exchange Commission, JSE Limited, Nigerian Exchange Limited (NGX), as well as the Reserve Bank of South Africa (for shareholders in South Africa).
Osndo’s 2025 full-year results for the period ended December 31, 2025 showed that Group revenue declined 21.5% year-on-year to N3.21 trillion from N4.09 trillion in 2024, showing lower trading volumes after a deliberate balancing of the Trading Divisions portfolio in the face of structural changes in the domestic downstream market. The profit after tax increased 9.6% year-on-year to N241.3 billion in the full year 2025, compared to N220.1 billion in 2024.
According to the Group Chief Executive Officer of Oando, Wale Tinubu: ‘2025 was a year of relentless execution as we successfully transitioned from the integration of the NAOC Joint Venture into operational delivery. Over the year under review, we reinforced asset integrity, strengthened security across our operating areas and materially improved uptime, delivering a 32 per cent year-on-year increase in total production.’
He reiterated: ‘Building on this foundation, we launched our development drilling programme with the successful completion and start-up of the Obiafu-44 gas-condensate well. This well represents the first execution milestone within a phased 36-well development programme, designed to restore field deliverability, unlock incremental production and advance the Group’s medium-term growth objectives.’
He maintained that the group responded decisively to evolving markets dynamics in the downstream trading business by deliberately rebalancing their portfolio away from gasoline importation towards higher-margin crude and gas opportunities.
Hear him: ‘We expanded global exports and leveraged structured offtake and pre-export financing arrangements to support liquidity, cash-flow resilience and effective production monetisation for our clients.’
‘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.’
Oando Plc is Nigeria’s leading indigenous integrated energy solutions provider, which operates across the upstream, midstream and downstream sectors of the oil and gas industry. The upstream holds interests in 19 licenses for exploration and production across onshore, swamp and deep offshore assets in Nigeria and São Tomé and Principe. The midstream engages in natural gas distribution and power plants development through subsidiaries like Gaslink Nigeria Limited, while the downstream is involved in the supply and trading of petrol products through Oando trading DMCC.
