Oando completes first tranche of share distribution programme

Oando Plc has announced the completion of the first tranche of its Share Distribution Programme, approved at its 45th Annual General Meeting (AGM) in December 2024.

In a notice filed on the Nigerian Exchange (NGX), the company said the Board had approved the phased distribution of 1,283,712,601 shares in two tranches. The first tranche, comprising 679,364,206 shares, has now been concluded following regulatory clearance in July 2025.

The distribution applied to shareholders on the company’s register as of February 14, 2025, with each eligible shareholder receiving one fully paid share for every 12 existing shares held.

Commenting on the exercise, Oando’s Group Chief Executive, Wale Tinubu, 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, thereby aligning shareholders’ interests with our long-term growth ambitions.”

The second tranche of the distribution, which will apply to shareholders on the register as of June 30, 2025, will be announced at a later date, according to the company.

Oando also advised shareholders who are yet to receive their allocations to contact the company’s registrars to regularise their details and ensure settlement.