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.

Published on the Nigerian Exchange website, the award aligns with Oando’s vision to expand its footprint across the Caribbean region.

The lease agreement will help the company penetrate the Afro-Caribbean region and create better collaboration in the energy sector, ensuring increased trade and investment between both regions.

Speaking on the collaboration, Wale Tinubu, group chief executive of Oando Plc, said:

“We are honoured by the confidence the Trinidadian government has placed in us with this award. This strategic investment aligns with our long-term vision of expanding into high-potential regions and growing our operational footprint, leveraging our vast technical expertise and global partnerships to finance projects. We recognize the significance of this opportunity and look forward to working with all stakeholders to deliver maximum value for all parties involved.”

The Guaracara refinery, located in Pointe-à-Pierre, Trinidad and Tobago, has been in operation for over a century and plays a key role in the Caribbean’s oil industry.

Trinidad Petroleum Holdings Limited, a state-owned oil company, owns both Guaracara Refining Company Limited and the refinery, which is the only petroleum refining facility in the country.

Experts have agreed that the future of transport would be driven by technology through electric vehicles.

In 2021, GIG Logistics unveiled its electric vehicle in Lagos. Its sister company is currently in talks with the Lagos State Government to bring in EVs.

Now, Oando Plc. has signed a Memorandum of Understanding (MoU) with the Lagos Metropolitan Area Transport Authority, LAMATA, to introduce electric mass transit buses.

In a statement obtained by TechEconomy,  Abimbola Akinajo, Managing Director, LAMATA, said Oando Clean Energy approached them with a comprehensive solution that went beyond electric mass transit buses to include supporting infrastructure.

She added, “this was key for us, as the full remit of an EV support ecosystem is the only way to achieve success. 

“This initiative will not only accelerate the government’s transportation agenda but will also positively impact the health of Lagosians and the environment.

“The Oando brand comes with know-how and experience, and we are relying on this to successfully move from MoU signing to actual implementation that will in the medium to long term benefit over 22 million Lagos commuters. 

We look forward to a very robust and fruitful partnership.

“The initiative reinforces the importance of Public-Private Partnership, PPP, enabling the continent to actualize its industrialization goals.

Across Africa, the PPP model has become increasingly critical as both a funding and operational mechanism for social and economic infrastructure. 

“It’s a well-known fact that public infrastructure and service needs exceed the capability of Government budgets. This is true in virtually every area of public life across the world, from highways to waterworks. 

“It is for this reason and more that Public Private Partnerships, PPP, are increasingly relied on to enhance the abilities of Governments in addressing pressing public needs and improving the overall quality of life for her citizens.”

According to Adewale Tinubu, Chairman, Oando Clean Energy, Oando Clean Energy was born out of a need to curate the best energy mix to propel Nigeria and indeed Africa, to its full potential. 

He said as a company, Oando has always championed Public-Private Partnerships as fundamental to Nigeria’s industrialization. 

“Through the signing of this MoU, we are revolutionizing the landscape of mobility by pioneering e-mobility in Lagos.

“Furthermore, we remain dedicated to achieving our national commitment to net-zero by 2060, ending energy deficiencies and further propelling the country to an industrialized phase through decentralized and sustainable energy systems.

“We are excited to be embarking on this journey with Lagos State and must commend their foresight and willingness to forge a template for others to follow. 

“It’s easy to be perturbed by the perceived challenges that come with the mega-city status tag, but by taking this bold step, Lagos is showing the continent what is, indeed, possible and giving other cities the impetus to redefine today how to build a public transport system for the future.”