Oando Plc, under the leadership of its Group Chief Executive Wale Tinubu, has unveiled an ambitious plan to raise up to ₦500 billion in fresh capital through the issuance of 10 billion new ordinary shares. The proposal, expected to be tabled for shareholder approval at the company’s upcoming Annual General Meeting (AGM) on August 11, 2025, marks a major step in the company’s strategic efforts to strengthen its financial base and expand operations.
The shares, to be issued at ₦0.50 each, will be offered through a mix of public offerings, rights issues, private placements, or other approved methods. In addition to the capital raise, Oando also intends to convert up to US$300 million of its existing reserve based lending (RBL) debt into equity, further improving its balance sheet flexibility.
This move is part of a broader multi instrument issuance programme valued at up to US$1.5 billion. It signals Oando’s focus on long term sustainability, investor confidence, and aggressive regional expansion, especially following its recent operational growth including increased crude oil and gas exports and its awarded operatorship of Block KON 13 in Angola.
Wale Tinubu’s vision continues to drive Oando’s transformation into a leading integrated energy solutions provider across Africa, with this capital raise positioned to fuel future investments and deliver greater value to stakeholders.
