A total of 679,364,206 shares have been distributed to eligible shareholders of Oando Plc in the first tranche of its Share Distribution Programme.
The stocks were given to shareholders whose names were in the company’s register of members as of February 14, 2025, on the basis of one fully paid share for every 12 existing shares, following receipt of regulatory clearance in July 2025.
The share distribution programme followed the resolution passed by investors at the organisation’s 45th Annual General Meeting (AGM) in December 2024 for the “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 phase one distribution is for a total of 1,283,712,601 shares in two tranches, with the first tranche comprising 679,364,206 shares and the second tranche consisting of 604,348,395 shares.
In a statement signed by the company secretary and Chief Compliance Officer, Mrs Folashade Ibidapo-Obe, Oando expressed its delight at completing the tranche one of the scheme.
It disclosed that the timing for the second tranche, applicable to shareholders on the register of members as of June 30, 2025, would be announced at a later date, as determined by the board.
It advised shareholders who have yet to receive their allocation to contact the registrars promptly to regularise their details and facilitate settlement.
In the notice filed to the Nigerian Exchange (NGX) Limited, the energy company quoted its chief executive, Mr Wale Tinubu, as saying, “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 shareholder’s interests with our long-term growth ambitions.”