Onome Amuge
Oando Plc, an indigenous energy solutions provider, has successfully concluded the first tranche of its share distribution programme. The company issued one fully paid share for every 12 existing shares to eligible shareholders, a move that forms part of a broader settlement approved by shareholders at the company’s 45th Annual General Meeting in December 2024. The first tranche involved the distribution of 679.364 million shares.
The distribution follows the board of directors’ approval in January 2025 for a two-tranche distribution of 1.284 billion shares, which were previously surrendered to the company as part of a settlement. According to Oando, the first tranche was distributed to shareholders on the company’s register as of February 14, 2025, after receiving the necessary regulatory clearance in July 2025.
Wale Tinubu, the group chief executive of Oando, emphasised that the initiative underscores the company’s commitment to delivering tangible value to shareholders. He added that by issuing one fully paid share for every 12 existing shares with no dilution, the company has effectively delivered an 8.3 per cent yield at the current market price. This, he noted, aligns the interests of shareholders with the company’s long-term growth ambitions.
Tinubu also stated that the company will announce the timing for the second tranche of the programme at a later date, which will be applicable to shareholders on the Register of Members as of June 30, 2025.
Oando, which is listed on both the Nigerian Exchange (NGX) and the Johannesburg Stock Exchange (JSE), operates across the energy value chain, including upstream exploration and production, trading, and renewable energy initiatives. The completion of this share distribution is expected to bolster the company’s financial structure and reinforce investor confidence in its future trajectory.
