Group Chief Executive Officer of Oando Plc, Mr. Wale Tinubu, is spearheading a bold financial restructuring plan that seeks to raise ₦500 billion in new capital while converting $300 million in existing debt to equity. The plan is expected to receive shareholder approval at the company’s 46th Annual General Meeting (AGM) scheduled for August 11, 2025.

The restructuring involves the issuance of up to 10 billion ordinary shares of 50 kobo each through various instruments including public offerings, private placements, rights issues, or other means approved by the board. The goal is to strengthen Oando’s capital base and reduce its debt exposure.

As part of the strategy, the company is also establishing a $1.5 billion multi-instrument securities issuance programme, giving it flexibility to raise funds through bonds, notes, and similar instruments in future.

The $300 million debt slated for conversion comes from Oando’s Reserve-Based Lending (RBL) facility. This move is expected to ease financial pressure, enhance liquidity, and improve the company’s leverage position.

This financial overhaul follows Oando’s strong performance in Q1 2025. The company posted ₦933 billion in revenue, a 172% increase in gross profit to ₦85 billion, and ₦113 billion profit after tax. Upstream production also rose by 72% year-on-year to 37,595 barrels of oil equivalent per day.

Oando’s share price closed at ₦52.20 on July 23, reflecting renewed investor confidence. Despite a 20.9% year-to-date dip, the company’s aggressive turnaround plan under Wale Tinubu’s leadership is seen as a major step toward stabilizing operations and achieving long-term growth, including a production target of 100,000 barrels of oil per day and 1.5 billion cubic feet of gas per day by 2029.