Oando seeks N220.79bn rights issue approval
Oando Plc has applied to the Nigerian Exchange for approval to list a rights issue of 4,415,867,342 ordinary shares, targeting N220.79 billion in fresh capital. The offer comprises 4,415,867,342 shares priced at N50 each, representing a premium over the current N44 share price. Shareholders will receive one new share for every two existing units held. The proposal requires approvals from the SEC, Johannesburg Stock Exchange, and Reserve Bank of South Africa. If approved, this would increase Oando's outstanding shares and potentially expand its market capitalization. The capital raise follows a 2025 financial year with declining revenue and profitability, though retained losses narrowed. Market activity shows Oando shares up 8% month-to-date, likely driven by the rights issue proposal.