Manny Ita –
Oando PLC has unveiled an ambitious plan to raise $750 million in fresh capital as part of a major expansion drive aimed at significantly boosting its oil production capacity. The announcement was made by the company’s Group Chief Executive Officer, Wale Tinubu, who disclosed that the funds will be deployed toward an aggressive 100-well drilling programme.
According to the company, the capital raise—expected to be sourced through a mix of debt and equity instruments—will support upstream investment activities, particularly in its recently acquired and existing assets. The drilling campaign is projected to substantially scale up production levels, with Oando targeting a threefold increase in output over the coming years.
Tinubu emphasized that the move aligns with Oando’s long-term strategy to reposition itself as a leading indigenous energy player in Africa’s oil and gas sector. He noted that the company is leveraging improved asset performance, favorable crude price outlooks, and enhanced operational efficiency to attract investor confidence.
Industry analysts view the planned fundraising as one of the most significant capital mobilization efforts by a Nigerian oil firm in recent years, signaling renewed optimism in the country’s upstream segment. The initiative also comes amid broader efforts by indigenous operators to take a more dominant role following divestments by international oil companies.
Oando stated that execution of the drilling programme will be phased, with initial activities expected to commence upon successful closure of the funding round. The company added that it remains committed to delivering value to shareholders while contributing to Nigeria’s overall oil production growth.
