Victor EzejaNigerian indigenous oil and gas company, Oando Plc, has announced the completion of Tranche One of its Share Distribution Programme, delivering additional value to eligible shareholders through a pro-rata share allocation.
This comes after a resolution was approved by shareholders at the company’s 45th Annual General Meeting in December 2024, wherein they agreed to a settlement mechanism that would involve giving up shares to the company and then redistributing them to current shareholders.
Join our WhatsApp ChannelIn a statement released on Thursday, the company said the Board of Directors had, in January 2025, approved the Phase 1 distribution of 1,283,712,601 shares in two tranches.
According to the statement, the Tranche one distribution, comprising 679,364,206 shares, has been fully allocated to eligible shareholders on the Company’s Register of Members as of 14 February 2025. It was issued on the basis of one fully paid share for every 12 existing shares, following receipt of regulatory clearance for the exercise in July 2025.
Commenting on the share distribution, the Group Chief Executive of Oando PLC, Mr 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 per cent yield at today’s market price, thus aligning shareholders’ interests with our long-term growth ambitions.”
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The company stated that details for Tranche Two (2) of the Share Distribution Programme, which is applicable to shareholders on the Register of Members as of 30 June 2025, will be announced at a later date, as determined by the Board of Directors.
Shareholders yet to receive their allocation were advised to contact the company’s registrars to update their records and facilitate settlement.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
