Oando Plc has completed the distribution of 679,364,206 units of shares worth approximately N35billion in tranche one of its share distribution program, capturing one fully paid share for every twelve shares held by shareholders.
This was contained in a regulatory filing to the NGX on Friday morning signed by Folashade Ibidapo-Obe, Oando plc’s Chief Compliance Officer and Company Secretary.
Phase 1 Shares Distribution
The share distribution was part of the resolutions at the company’s Annual General Meeting held in December 2024.
“Pursuant to Oando’s 45th Annual General Meeting which 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 1,283,712,601 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.” The company statement read.
Commenting on this distribution, Mr Wale Tinubu, CON, the Group Chief Executive of Oando PLC noted “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.” He concluded.
The timing for Tranche Two (2) of the Share Distribution Programme, applicable to shareholders on the Register of Members as of June 30, 2025, is set to be announced at a later date, as determined by the Board of Directors.
The initiative is part of a financial restructuring plan aimed at strengthening Oando Plc’s balance sheet, enhancing liquidity, and supporting its long-term growth strategy in Nigeria’s competitive oil and gas sector.
