By Kayode Ogunwale

Oando

Oando PLC has announced the successful completion of tranche one of its share distribution programme to eligible shareholders.

According to Oando’s 45th Annual General Meeting which held in December 2024, where shareholders approved a 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 Board of Directors in January 2025, approved the Phase 1 distribution of 1,283,712,601 shares in two (2) tranches.

Tranche one distribution, comprising 679,364,206 shares to eligible shareholders on the Company’s Register of Members as of February 14, 2025, has now been fully concluded by issuing one fully paid share for every twelve existing shares, following receipt of regulatory clearance in July 2025.

Commenting on the distribution, Mr Wale Tinubu, the Group Chief Executive of Oando PLC 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.”

The timing for tranche two of the share distribution programme, applicable to shareholders on the Register of Members as of June 30, 2025, will be announced at a later date, as determined by the Board of Directors.

The company advised shareholders yet to receive their allocation to contact the Registrars promptly to regularise their details and facilitate settlement.