Oando Plc, the dual-listed indigenous energy company, has confirmed the successful completion of the first phase of its share distribution programme to eligible shareholders, according to a disclosure on the Nigerian Exchange.
At its Annual General Meeting in December 2024, shareholders approved a settlement plan involving the surrender of shares to the company, followed by a pro rata redistribution of some or all of these shares to existing shareholders.
Earlier this year, the board of directors approved the Phase 1 distribution of 1,283,712,601 shares in two tranches. In its latest update, Oando confirmed that the first tranche, comprising 679,364,206 shares for shareholders on the Register of Members as of 14 February 2025, has now been fully completed.
The company explained that it issued one fully paid share for every twelve existing shares, following receipt of regulatory clearance in July 2025. Group Chief Executive of Oando Plc, Mr Wale Tinubu, CON, 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% yield at today’s market price, thus aligning shareholders’ interests with our long-term growth ambitions.”
Oando stated that the timing for the second tranche of the Share Distribution Programme, covering shareholders on the Register of Members as of 30 June 2025, will be announced in due course, subject to the board’s decision.
The company further urged shareholders who have not yet received their allocation to contact the registrars to update their details and facilitate settlement.
It’s great to see Oando completing the first phase of share distribution to shareholders. This move shows commitment to investor returns and transparency. For those looking to manage their finances alongside such investments, keeping an eye on the Best Refinance Rates can help maximize the benefits of these shareholder gains.
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