Shareholders Approve Oando N500bn Fresh Capital

Shareholders of Oando Plc have approved a plan to raise an additional N500 billion in fresh capital by issuing 10 billion new ordinary shares. This move is part of the company's broader restructuring and financing program aimed at strengthening its balance sheet and supporting its growth plans.

The capital will be raised through various methods, including public offerings, private placements, and conversion of rights issues. The shareholders also approved the Board to enter into a capital restructuring agreement with key stakeholders and lenders to convert N300 million of the company's existing lending RBL debt into equity.

The Chairman of Oando, Ademola Akinrele, highlighted the company's focus on performance delivery across all business segments and its commitment to financial discipline, cost control, and capital efficiency. Despite a challenging macroeconomic backdrop, Oando reported a strong operational and financial performance in 2024, with revenue increasing by 44% to N1 trillion compared to N700 billion in 2023.

The company's Group Chief Executive.