Business
Oando set to Raise N500bn Fresh Capital via Share Offering
Oando Plc will at its 46th Annual General Meeting (AGM) on August 11 seek shareholders authorisation to raise additional capital of up to N500 billion or its foreign currency equivalent in the Nigerian and/or international capital markets.
Oando will also be seeking shareholders approval to issue up to 10 billion ordinary shares of 50 kobo each, either as a standalone issue or by the establishment of capital raising programmes.The company currently has 12,431,412,481 shares outstanding each valued at N50.5 as at July 18. It had reached 52-week high of N98.4 and 52 week low of N17.45.
The company’s audited consolidated and separate financial statements for the year ended December 31, 2024 shows that it almost doubled its revenue to N4.086trillion from N2.845trillion in 2023.
The group profit more than doubled to N224.856billion from N61.996billion in 2023.
This capital raising by Oando will be either by public offerings, private placements, debt to equity conversions, rights issues and/or other transaction modes, at price(s) determined through book building or any other acceptable valuation method or combination of methods at such dates, and on such terms and conditions as may be determined by the Board of Directors of the Company (the Board) subject to obtaining the requisite regulatory approvals.
Also, the Board will be seeking shareholders approval to enter into capital restructuring agreements with key stakeholders and lenders and convert up to $300 million out of the Company’s existing Reserves-Based Lending (RBL) debt into equity, subject to terms and conditions to be determined by the Directors.
The Board will also seek shareholders approval to establish a multi-instrument issuance programme in an amount up to $1.5billion or its Naira equivalent and to proceed with subsequent issuances of bonds, certificates, instruments and/or other securities under the Programme, at such time and on such terms and conditions to be determined by the Directors subject to obtaining all relevant regulatory approvals subject to terms and conditions to be determined by the Board.
Oando will seek to be authorised to accept surplus monies arising from any potential oversubscription from the capital raising programmes, in such proportion as may be determined by the Board, subject to obtaining the relevant regulatory approvals.
The Board will seek to be authorised to enter into any agreements and/or execute any documents, appoint such professional parties, perform all such other acts and do all such other things as may be necessary for or incidental to effecting the above resolutions, subject to obtaining the approvals of relevant regulatory authorities, including without limitation, complying with the directives of any regulatory authority.
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Business
Kola Karim’s Shoreline Group Signs $300 million Deal With Accor to Develop Nigeria’s First National Hotel Platform
Kola Karim’s Shoreline Group has signed a letter of intent with Accor, a world leading hospitality group to establish Nigeria’s first national hotel platform.
The signing took place during the Africa Forward Summit 2026 hosted jointly by Kenya and France in Nairobi.
This ambitious partnership is set to make a significant contribution to the evolving Nigerian hospitality landscape with a substantial investment from Shoreline of $300 million, leveraging Accor’s renowned brand portfolio and expertise.
As gathered the strategic collaboration aims to develop a hotel network across Nigeria, encompassing 10 hotels across eight cities and over 1,200 rooms by 2030.
These properties will span various segments, from midscale to luxury, catering to diverse travelers and contributing significantly to the nation’s tourism growth. The project also includes the establishment of a dedicated hospitality training Academy to nurture local talent and create approximately 1,000 direct jobs.
Mr. Sébastien Bazin, Chairman and CEO of Accor, stated: “We are thrilled to partner with Shoreline Group to unlock the immense potential of Nigeria’s hospitality sector. This partnership is a testament to our belief in Nigeria’s dynamic future.
“By combining Shoreline’s deep understanding of the local market with Accor’s global expertise and diverse brand portfolio, we are poised to create an unparalleled hospitality offering that will set new benchmarks for quality and service.
“Crucially, the establishment of the Accor Academy is integral to this vision, enabling us to deliver immediate talent development for the Shoreline hotel portfolio, demonstrate our long-term commitment to Nigeria through dedicated training facilities, and solidify Accor’s position as the employer and educator of choice in West Africa.”
The Agbaoye of Ibadanland and Chairman of Shoreline Group, Karim, commenting on the development said: “This partnership is central to Shoreline’s strategy of building institutional-quality infrastructure platforms across Africa.
“We anticipate hospitality infrastructure becoming increasingly vital for capital movement and development, particularly in Nigeria where high-quality room supply is underserved. Our choice to partner with Accor highlights our focus on operational excellence and long-term value.
“The hospitality academy is crucial, alongside physical hotels, for developing local talent to sustain international standards. It will support our portfolio and enhance Nigeria’s hospitality workforce.
“This investment aligns with Shoreline’s broader focus on strategic assets in energy, infrastructure, and industrial development. We view hospitality as a natural extension: real infrastructure supporting economic activity, local capability, and national growth.”
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