Following its 46th Annual General Meeting, Oando Plc has approved a $1.5 billion multi-instrument issuance programme, or its equivalent in naira, designed to boost the company’s financial stability and support long-term growth in Nigeria’s oil and gas sector.

The company’s Chief Compliance Officer and Company Secretary, Folashade Ibidapo-Obe, officially filed the plan with the Nigerian Exchange Limited. This programme will allow Oando to issue bonds, certificates, and other financial instruments at times and terms determined by its Board of Directors, subject to regulatory approvals.

Shareholders also authorised the company to raise up to N500 billion through the issuance of up to 10 billion ordinary shares. These shares can be sold via public offerings, private placements, rights issues, debt-to-equity conversions, or other approved methods based on what the Board decides.

Additionally, Oando’s Board has been given permission to convert up to $300 million of the company’s existing debt under its Reserves-Based Lending facility into equity, aiming to reduce debt servicing costs and improve financial strength.

The company will amend its Memorandum and Articles of Association to reflect the changes in share capital after completing the capital-raising process.

This financial restructuring underscores Oando Plc’s efforts to improve liquidity and reinforce its position in the competitive oil and gas industry.