Oando Updates Shareholders on Rights Issue, Freezes Cross-Border Share Transfers

By Adebayo Obajemu

Oando Plc has notified its shareholders of ongoing steps regarding its proposed Rights Issue, while announcing a temporary restriction on share transfers between its Nigerian and South African registers.

In a notice published on the platform of the Nigerian Exchange Limited, the company said it is still seeking regulatory approvals for the offer from the Securities and Exchange Commission, the NGX, and JSE Limited.

The proposed Rights Issue involves 4.42 billion ordinary shares of 50 kobo each, to be offered at ₦50 per share on the basis of one new share for every two existing shares held.

According to the company, the qualification date for participation in the offer has been fixed as February 13, 2026, in line with SEC regulations, regardless of the pending approval processes. However, the record date for shareholders listed on the Johannesburg Stock Exchange will be announced later in accordance with JSE requirements.

Oando also informed shareholders that transfers of shares between its Nigerian and South African registers have been temporarily suspended. The restriction takes effect from the NGX record date and will remain in place until the JSE record date is determined and communicated.

The company explained that the measure is necessary to ensure compliance with regulatory procedures governing dual-listed entities during rights issue exercises.

It added that further details, including key dates and timelines for the Rights Issue, will be communicated to shareholders once approvals are secured.