Oando PLC, listed on the Nigerian Exchange Limited and Johannesburg Stock Exchange, has announced the completion of Tranche One under its Share Distribution Programme, delivering new shares to eligible shareholders as part of its December 2024 settlement plan.
The programme, approved at the company’s 45th Annual General Meeting, involves the surrender of shares to the company with subsequent pro-rata redistribution to existing shareholders.
In January 2025, the Board approved Phase One of the initiative covering the distribution of 1.28 billion shares in two tranches.
Tranche One, comprising 679.36 million shares, has now been fully issued to shareholders on the register as of February 14, 2025, at a ratio of one fully paid share for every twelve existing shares.
The allocation followed regulatory clearance in July 2025.
Commenting on the development, Group Chief Executive Wale Tinubu, CON, said the distribution reflects Oando’s commitment to delivering tangible value.
“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, aligning shareholders’ interests with our long-term growth ambitions,” he stated.
The timing for Tranche Two, applicable to shareholders on the register as of June 30, 2025, will be announced at a later date. Shareholders yet to receive their allocation have been advised to contact the company’s registrars to update their details and facilitate settlement.
Oando PLC is one of Africa’s leading indigenous energy solutions providers with operations spanning upstream exploration and production, energy trading, and renewable energy initiatives.