Oando Plc (NGX: OANDO) has announced a successful completion of Tranche One of its Share Distribution Programme to eligible shareholders.
The company listed on the Nigerian Exchange Limited and the Johannesburg Stock Exchange made the announcement on Friday via a press release signed by Folashade Ibidapo-Obe, Chief Compliance & Company Secretary.
Also read; Result of Oando’s Extraordinary General Meeting over diminution in capital
Investogist reported in June that Oando will be distributing 1,283,712,601 ordinary shares of the company to its shareholders in the first Tranche, while 641,856,301 ordinary shares will be distributed in the second Tranche.
At Oando’s 45th Annual General Meeting which held in December 2024, 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 1,283,712,601 shares in two (2) tranches. Tranche one distribution, comprising 679,364,206 shares to eligible shareholders on the Company’s Register of Members as of February 14, 2025, has now been fully concluded by issuing one (1) fully paid share for every twelve (12) existing shares, following receipt of regulatory clearance in July 2025.
Commenting on this distribution, Mr Wale Tinubu, CON, the Group Chief Executive of Oando PLC 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 shareholder’s interests with our long-term growth ambitions.” The timing for Tranche Two (2) of the Share Distribution Programme, applicable to shareholders on the Register of Members as of June 30, 2025, will be announced at a later date, as determined by the Board of Directors.
The timing for Tranche Two (2) of the Share Distribution Programme, applicable to shareholders on the Register of Members as of June 30, 2025, will be announced at a later date, as determined by the Board of Directors. Shareholders yet to receive their allocation are encouraged to contact the Registrars promptly to regularise their details and facilitate settlement.
Oando Plc, formerly Unipetrol Nigeria Plc, has 12.43 billion outstanding shares and a market capitalization of ₦648.29 billion at the end of trading on Monday, 15th August, 2025.
In August 2024, Oando Plc completed a $783 million acquisition of Nigerian Agip Oil Company (NAOC), a unit of Italy’s oil supermajor Eni.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
