Oando Plc has announced the completion of the first phase of its Share Distribution Programme, issuing more than 679 million shares to eligible shareholders in a move the company says reflects its commitment to delivering tangible value.
The Lagos-based energy group, listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE), announced on Friday that the Tranche One distribution had been fully concluded following regulatory clearance in July. The issuance — one fully paid share for every twelve existing shares — represents an 8.3% yield at current market prices, according to Group Chief Executive Wale Tinubu.
“This initiative underscores our unwavering commitment to delivering tangible value to our shareholders,” Tinubu said.
“By issuing one fully paid share for every twelve existing shares, with no dilution, we have effectively delivered an 8.3% yield … aligning shareholder’s interests with our long-term growth ambitions.”
The programme stems from resolutions passed at Oando’s 45th Annual General Meeting in December 2024, when shareholders approved a settlement through the surrender of shares to the company for redistribution. In January 2025, the board approved a total of 1.28 billion shares to be distributed in two tranches under the plan.
Tranche One, covering 679,364,206 shares, applied to shareholders on the company’s register as of February 14, 2025. The second tranche will be distributed to shareholders on the register as of June 30, 2025, with a date to be announced later.
The move comes after Oando secured shareholder approval for a ₦500 billion capital-raising and debt restructuring plan at its 46th Annual General Meeting on August 11.
That plan authorises the issuance of up to 10 billion new shares, potentially raising ₦500 billion or its foreign currency equivalent, alongside the conversion of up to US$300 million of Reserves-Based Lending debt into equity. The programme also includes a US$1.5 billion multi-instrument issuance framework for bonds and other securities.
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Analysts say the share distribution and recent capital-raising approvals are part of a strategy to strengthen Oando’s balance sheet, improve liquidity, and sustain upstream expansion, particularly following the acquisition of Nigerian Agip Oil Company (NAOC) assets.
Oando has encouraged shareholders who have yet to receive their allocation to contact the company’s registrars to regularise their details for settlement.
The company, one of Africa’s leading indigenous energy solutions providers, operates across the energy value chain — from upstream oil and gas exploration and production to trading and renewables.
Through its subsidiaries Oando Energy Resources and Oando Trading, the group maintains a presence in both onshore and offshore assets and participates in global energy markets.
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