Oando Plc restricts share transfers between Nigeria, South-Africa

By Damilare Adeleye

Oando Plc has announced restrictions on share transfers between its Nigerian and South African registers as it advances its capital raising efforts. 

In a corporate disclosure signed by the company’s Chief Compliance Officer and Company Secretary, Mrs. Folasade Ibidapo-Obe, the company confirmed it is seeking approval to list a rights issue of 4,415,867,342 ordinary shares of 50 kobo each at N50.00 per share. 

This offer is based on one new share for every two existing shares held. 

If fully subscribed, the transaction is expected to raise approximately N220.79 billion, positioning it as one of the most significant equity offerings in the Nigerian market. 

The process remains subject to approvals from key regulators, including the Securities and Exchange Commission (SEC), the Nigerian Exchange Limited (NGX), and the Johannesburg Stock Exchange (JSE). 

The company confirmed that February 13, 2026, has been set as the NGX record date to determine shareholder eligibility for the offer, in accordance with SEC rules. 

The corresponding record date for shareholders on the JSE register will be determined and announced at a later time. 

A critical development in this update is the immediate restriction on cross-border share transfers. 

The company stated that transfers by shareholders between the two registers must be restricted between the NGX record date and the forthcoming JSE record date. Consequently, shareholders on the Nigerian and South African registers are temporarily barred from transferring shares across these jurisdictions until further notice. 

Oando noted that a subsequent announcement will provide detailed timelines and additional information regarding the rights issue. 

The planned capital raise underscores the company’s efforts to strengthen its balance sheet and support strategic investments as energy firms navigate capital-intensive operations and evolving regulatory environments across African markets.