Not Again? Oando to seek shareholders' vote to raise N250b

Reuters – Nigeria’s Oando plans to seek shareholder approval to raise up to 250 billion naira ($1.5 bln) 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 50 billion naira 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 30.75 billion naira ($193 mln) in shares to help it fund the acquisition of ConocoPhillips’ assets in Nigeria.