In a corporate filing dated February 17, 2026, and signed by Company Secretary Folasade Ibidapo-Obe, the company disclosed that it applied on February 13 for the approval and listing of 4,415,867,342 new ordinary shares of 50 kobo each.

The shares will be offered at N50 per share on the basis of one new share for every two existing shares held as of the close of business on February 13, 2026, which serves as the qualification date.

At N50 per share, the offer translates to gross proceeds of about N220.79 billion.

The proposed capital raise remains subject to approvals from the Securities and Exchange Commission (SEC), the NGX, JSE Limited, where Oando has a secondary listing, and the South African Reserve Bank for affected shareholders in South Africa.

Oando said details such as the record date, acceptance period and payment timetable will be communicated once the necessary regulatory clearances are obtained. The company did not disclose how it intends to deploy the proceeds.

The 4.42 billion new shares represent a significant increase in the company’s issued share capital. Shareholders who choose not to participate in the offer risk dilution of their holdings.

Eligible shareholders as of February 13, 2026, will receive rights in proportion to their current shareholding. They may subscribe fully or partially, trade their rights (subject to final terms), or allow them to lapse.

The move comes amid a resurgence in equity capital raising on the NGX, following recapitalisation exercises across major sectors in 2025.

Energy companies, in particular, have been exploring fresh funding avenues as they navigate oil price volatility and evolving policy dynamics.

Oando’s shares recently closed at N44.00, rising about 10% after news of the proposed offer filtered into the market. However, the N50 issue price represents a premium to the current market price, a factor that may influence investor appetite when the subscription window opens.

If fully subscribed, the rights issue would bolster Oando’s equity base and provide fresh capital without increasing its debt burden. Analysts note that such funds could support operations, strengthen the balance sheet or finance investments across its upstream, midstream and downstream businesses.

Given Oando’s dual listing in Nigeria and South Africa, regulatory coordination across both jurisdictions may shape the final timeline for the offer.

Investors are expected to monitor subsequent announcements from the company, the NGX and the SEC for further clarity on the transaction.

The exchange also actively participated in the 7th African International Conference on Islamic Finance (AICIF), held in Lagos, Nigeria, from November 4 to 5, 2025.

Organised by Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission (SEC), the two-day conference brought together policymakers, regulators, development partners, and market participants to discuss policy reforms, product innovation, and strategies to unlock liquidity across Africa’s Islamic finance markets.

Speaking at the conference, Dr. Umaru Kwairanga, NGX group chairman, said the Non-Interest Finance Board has become a key platform for expanding access to Sharia-compliant financial instruments.

“Through the Non-Interest Finance Board, NGX is building a dedicated platform for Sukuk, Islamic collective investment schemes, and non-interest exchange-traded funds,” Dr Kwairanga stated. “Our goal is to broaden market participation while channelling capital towards productive sectors of the economy.”

The Nigerian Exchange Limited currently hosts over ₦1.3 trillion in listed Sukuk bonds, which shows strong investor appetite for assets that deliver both financial returns and social impact.

In collaboration with the SEC and the National Insurance Commission (NAICOM), NGX continues to deepen the non-interest capital market and strengthen governance frameworks.

NGX CEO, Jude Chiemeka,  noted the strategic role of non-interest finance in driving sustainable economic development.

“At NGX, our Non-Interest Finance Board represents more than a platform; it embodies our commitment to unlocking ethical capital, diversifying investment opportunities, and driving sustainable development,” said Chiemeka. “By leveraging innovation and strategic partnerships, we are creating pathways for inclusive growth and positioning Nigeria at the forefront of Islamic finance in Africa.”

Vice President Kashim Shettima, represented at the event by the Special Adviser to the President on Economic Matters, Dr Tope Fasua, described Islamic finance as a credible vehicle for driving equitable prosperity and sustainable growth, urging the wider adoption across other African countries.

Nigeria’s non-interest capital market has contributed greatly to the nation’s economic growth, with sovereign Sukuk issuances raising over ₦1.4 trillion to fund multiple developmental projects.

With the market continually mobilising long-term, low-cost capital for infrastructure and sustainable economic growth, Nigeria is well-positioned to lead Africa toward a more financially inclusive and sustainable future.

This roundtable had in attendance, top cybersecurity and tech experts from diverse sectors to engage in critical deliberations on current and emerging digital security issues. It emphasised the critical role of collaboration in addressing Nigeria’s cybersecurity challenges.

The roundtable emphasised the critical role of collaboration and information sharing in addressing Nigeria’s cybersecurity challenges including to:

• Foster a synergized approach to addressing Nigeria’s cybersecurity challenges, leveraging the collective expertise of participants.
• Establish a platform for continuous collaboration and knowledge exchange among stakeholders from various sectors to enhance cybersecurity practices.
• Identify and assess cross-cutting needs and challenges across regulatory, supply, and demand sides, to inform future cybersecurity strategies and policies.
• Create a platform that enables demand and supply side actors to have visibility and access to state-of-the-art cybersecurity solutions that benefit all.

Key takeaways from the roundtable include the importance of public-private partnerships in combating cyber threats, the need for continuous education and training for cybersecurity professionals, the development of effective strategies to combat cybercrime and the promotion of cybersecurity awareness among individuals and organisations.

Commenting, Mark Smithson, country director for the UK’s Department for Business and Trade (DBT) in Nigeria, said:

“As a recognised global leader in cyber security innovation across a range of applications, the UK is uniquely placed to partner with Nigeria to raise awareness and tackle emerging threats and cybersecurity challenges affecting our two countries.”

Speaking at the event, Kashifu Inuwa Abdullahi, the director general the National Information Technology Development Agency (NITDA), stated: 

“Cybersecurity is a shared responsibility that requires coordinated action at every level. Together, we must take proactive steps to safeguard our digital sovereignty, protect our critical information assets, and build a resilient, secure future for all”

Haruna Jalo-Waziri, the chief executive officer, Central Securities Clearing System (CSCS) Plc, emphasised:

“As we all know, cyber threats are becoming more sophisticated, diverse, and pervasive. Here in Nigeria, businesses face an alarming volume of attacks, with financial services being particularly vulnerable. Addressing these emerging threats demands a security culture rooted in continuous education and awareness. Cybersecurity is not a challenge any organization can tackle in isolation; it requires coordinated efforts, cross-industry partnerships, and a collective commitment to protecting our digital future.”

He also commended the event organisers, saying,

“I extend my gratitude to the UK Department for Business and Trade, the Office of the National Security Adviser, NITDA, NGX, the National Data Protection Commission, and Tech4Dev for organizing this roundtable outside of Cybersecurity Awareness Month. This setting offers a unique and invaluable opportunity to deepen our discussions on pivotal areas in cybersecurity.”

Also speaking on the need for robust cybersecurity frameworks in Lagos, Jude Chiemeka, the chief executive officer of Nigerian Exchange Limited, stressed that such measures are essential to unlock growth potential and restore investor confidence in Nigeria’s digital future.

He said:

“Cybersecurity threats present a serious economic risk that could undermine Nigeria’s vision as Africa’s digital powerhouse,” he said, highlighting the concerning impact on Nigerian banks, which lost ₦14.65 billion ($33 million) to electronic fraud in 2021 – a 187% increase from the previous year.”

This Series 11 and 12 issuance, officially announced to the Nigerian Exchange Limited and the investing public, aims to bolster MTN Nigeria’s short-term working capital, offering a simplified approach to meet the company’s immediate financial needs.

Issuing commercial papers aligns with the telecom giant’s goal of tapping into the debt market as a more flexible funding source. This allows MTN to manage short-term financial obligations without fully relying on long-term loans, balancing its capital structure. 

The funds raised are intended to drive MTN’s operational goals, including expanding its infrastructure and meeting the growing demand for telecommunications and digital services across Nigeria.

According to MTN Nigeria’s latest financial disclosures as of September 2024, the company faces negative working capital estimated at around N1.49 trillion. With its N250 billion CP programme, MTN has the flexibility to issue commercial papers in series, which provides a cost-effective means of addressing its working capital requirements. 

This method allows MTN Nigeria to manage its cash flow efficiently, helping to offset interest costs while catering to short-term debt needs. For MTN, which has some external loans, this approach provides greater agility to withstand Nigeria’s economic fluctuations and high inflation rates.

Currently, MTN holds an external loan portfolio of approximately N1 trillion, with over half of this, around N522.3 billion, in short-term loans. In issuing the Series 11 and 12 commercial papers, MTN intends to address these short-term liabilities more effectively, thereby reducing its reliance on traditional bank loans. 

This diversification in funding channels will support MTN’s liquidity and also strengthen its financial footing in a challenging economic environment.

Previous CP issuances by MTN highlight a consistent strategy to shore up working capital. In December 2023, MTN raised N72.1 billion through a commercial paper issuance, which followed a N52.9 billion issuance the previous month. 

These underline MTN’s reliance on commercial papers to secure liquidity for operational costs while addressing its short-term debt obligations.

Further details on the terms and conditions of the Series 11 and 12 commercial papers are expected soon, but MTN’s recent financial focus provides insight into the company’s performance. After a series of losses over three quarters, MTN reported a profit after tax of N4.13 billion in Q3 2024. 

However, high inflation and the ongoing depreciation of the naira have impacted its operational expenses, underlining the importance of this commercial paper issuance in sustaining the company’s stability amid an unpredictable business climate.