Oando Begins Phase Two of Stock Dividend Distribution to Shareholders

Emmanuel Addeh in Abuja

Oando Plc, one of Africa’s leading indigenous energy solutions providers, has commenced the second tranche of its stock dividend distribution, continuing the issuance of 1.28 billion additional shares to shareholders.

A statement by the firm yesterday, stressed that the significant milestone followed the shareholder approval granted at the company’s 45th Annual General Meeting (AGM) held on December 17, 2024.

It recalled that at the meeting, shareholders authorised the board to distribute shares received pursuant to the AGM resolution to shareholders of record, on a pro-rata basis, at dates determined by the board from time to time.

“Pursuant to this mandate, Oando officially notified the Nigerian Exchange Limited and the investing public on February 5, 2025, that the board, at its meeting on January 30, 2025, resolved to implement the distribution in phases over a 36-month period commencing January 30, 2025.

“The first tranche (tranche 1) of the distribution, covering shareholders on the register at the close of business on February 14, 2025, was successfully completed in August 2025, marking the first step in the company’s commitment to rewarding shareholder loyalty and confidence,” the statement added.

Building on this success, on February 10, 2026, Oando stated that the Board of Directors approved the commencement of tranche 2, which involves the distribution of 604,348,395 ordinary shares to shareholders on record as of June 30, 2025.

The shares, it said, will be distributed on a pro-rata basis of two new ordinary shares for every 27 existing ordinary shares held. The tranche 2 distribution is expected to be completed on or before March 31, 2026, it pointed out.

“This announcement underscores Oando’s unwavering commitment to enhancing shareholder value through strategic initiatives that balance growth with sustainability. As part of this effort, the phased distribution approach ensures market stability and continued investor confidence in Oando’s long-term prospects.

“This development follows Oando’s strong operational and financial performance in 2024 and 2025, following its transformational $783 million acquisition of Nigerian Agip Oil Company (NAOC) and subsequent expansion across Africa, including its award of Block KON 13 in Angola’s Onshore Kwanza Basin.

“Through this continued share distribution, Oando reaffirms its position as a shareholder-focused company, driving value creation, operational excellence, and sustainable growth as it strengthens its footprint across the African energy landscape,” the statement emphasised.