Oando Plc has concluded the first tranche of its share distribution program, issuing one fully paid share for every 12 existing shares to eligible shareholders, amounting to 679.364 million.
Pursuant to Oando’s 45th Annual General Meeting, which was held in December 2024, where shareholders approved a settlement through the surrender of shares to the Company, with subsequent pro-rata distribution of some or all of these shares to existing shareholders, the Board of Directors in January 2025 approved the Phase 1 distribution of 1.284 billion shares in two tranches. Tranche one distribution, comprising 679.364 million shares to eligible shareholders on the Company’s register of members as of February 14, 2025, has now been fully concluded by issuing one fully paid share for every 12 existing shares, following receipt of regulatory clearance in July 2025.
Speaking on the distribution, the group chief executive of Oando, Wale Tinubu, said, “This initiative underscores our unwavering commitment to delivering tangible value to our shareholders.
“By issuing one fully paid share for every twelve existing shares, with no dilution, we have effectively delivered an 8.3 per cent yield at today’s market price, thus aligning shareholders’ interests with our long-term growth ambitions.”
Tinubu noted that the timing for tranche two of the Share Distribution Programme, applicable to shareholders on the Register of Members as of June 30, 2025, will be announced later, as determined by the Board of Directors.
Oando is Africa’s leading indigenous energy solutions provider listed on the Nigerian Exchange (NGX) and the Johannesburg Stock Exchange (JSE). Oando operates across the entire energy value chain, encompassing upstream exploration and production, trading and renewable energy initiatives.
