Oando to seek shareholders’ vote to raise N250bn

Oando plans to seek shareholder approval to raise up to N250 billion ($1.5bn) via debt or equity, the energy company said on Tuesday.

Oando plans to hold the shareholder meeting on Feb. 18, it said in a statement, adding that N50 billion of the amount will be offered to existing shareholders through a rights issue.

Last month the company, which is also listed in Toronto and Johannesburg,

offered N30.75 billion ($193m) in shares to help it fund the acquisition of ConocoPhillips’ assets in Nigeria.

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Reuters