Thursday, 13th August, 2009. 

Oando's N200 billion Capital Raising Targets Global Competiveness

Oando plc is currently in the process of floating N200 billion (approximately 1.3 billion USD) additional capital. This additional funding will be utilized to strengthen the company's expansion plans especially in the oil and gas sector. The prospects for the float, from sources, could come as early as September.

In 2004, Oando made history as the first non-bank corporate to successfully raise N15 billion ($975.60 million) from the Nigerian Stock Exchanged. Oando has its primary listing on the Nigerian Stock Exchange (NSE) and a secondary listing on the Johannesburg Stock Exchange (JSE).

It has marketing and oil distribution outlets in Nigeria, Ghana and Togo and other smaller markets along the West African coast. Oando marketing, according to the company's officials, is the leading oil marketing retail with expanding operations across West Africa. Oando is Africa's largest independent and privately owned oil trading company.

It is also Nigeria's first indigenous company with producing deepwater assets.
Oando has consistently delivered 50 percent year-on-year increase in profitability over the last five years.