Oando awaits regulatory approvals for proposed N220.8 billion rights issue

Shares in the company climbed by 9.1 per cent to N47.5 per unit in Lagos but remained unchanged in Johannesburg, after the news went public.

Oil driller Oando Plc said Wednesday it is on course to secure regulators’ nod for its planned share sale to shareholders, through which it is looking to sell 4.4 billion ordinary shares at N50 per unit on the basis of 1 new share for every 2 existing shares.

The energy company, which is listed in Lagos and has a cross-border listing in Johannesburg, hopes to raise N220.8 billion at the end of the transaction to strengthen its balance sheet, reduce debt, and finance upstream asset acquisitions.

Shares in the company climbed by 9.1 per cent to N47.5 per unit in Lagos but remained unchanged in Johannesburg, after the news went public.

The company submitted an application for the approval and listing of the rights issue to the Nigerian Exchange Limited (NGX) on 13 February 2026. It now awaits regulatory approvals from the Nigerian Securities and Exchange Commission, the NGX and the Johannesburg Stock Exchange Limited (JSE), according to a regulatory filing.

“Following submission of the application to the NGX, the qualification date for participation in the Rights Issue by shareholders in line with the Rules and Regulations of the Securities and Exchange Commission, Nigeria is set as 13 February 2026 (“NGX Record Date”), irrespective of further regulatory approval processes required in finalising the rights offer,” Oando said.

“The record date for shareholders on the JSE register of members (“JSE Record Date”) will be determined and announced in due course, in accordance with the requirements of the JSE,” it added.

The company announced that transfers by shareholders between the two registers must be restricted between the NGX record date and the JSE record date.

On that score, shareholders in Nigeria with names on the register of members and transfer books of the company, as well as shareholders in South Africa, whose names appear on the register of members and transfer books of the company, have been restricted from transferring between the Nigerian share register and the South African share register.

Oando said the decision stands until it makes a further announcement regarding the JSE record date. It added that it will keep the market abreast of key dates and times for the rights issue.

The company’s total assets stand at N6.7 trillion, according to its latest financial report.