Oando Plc is making big moves to grow its business and clean up its finances. The energy company is looking to raise up to N500 billion by selling shares and taking on new funding—if shareholders give the go-ahead at its 46th Annual General Meeting.

The money will help the company stay financially strong and explore new business opportunities, both in Nigeria and abroad. Oando may raise the funds through public offerings, private placements, or by converting some of its debt into shares.

In fact, the company wants to turn up to $300 million of its existing loans into equity. This would help reduce what it owes and make the business more stable in the long run.

That’s not all—Oando is also asking for approval to launch a flexible fundraising plan that allows it to raise as much as $1.5 billion through bonds or other financial products, depending on what it needs.

To support these plans, Oando is proposing to boost its share capital from N5 billion to N20 billion by creating 30 billion new ordinary shares.

At the same meeting, shareholders will also vote on issues like reappointing auditors, paying directors, electing the audit committee, and approving any deals with related parties.

This wave of changes comes after a strong financial year for Oando, where profits jumped by 267% to N220 billion in 2024.