Oando Plc Advances Second Phase of Share Distribution Program, Targets Over 600 Million Shares for Investors
Oando Plc is moving forward with the second tranche of its ongoing share distribution programme, with more than 600 million ordinary shares set to be allocated to eligible investors as part of a structured, phased shareholder reward initiative.
The development was disclosed in a corporate statement released on Thursday, following approval by shareholders at the company’s 45th Annual General Meeting. The approval granted the company the authority to distribute shares it holds back to investors “on a pro-rata basis” at dates determined by the board.
According to the disclosure, the board has resolved to implement the distribution in phases, committing that all shares arising from the programme would be fully distributed within 36 months starting from 30 January 2025.
After successfully completing the first tranche of the programme in August 2025, the board, on 10 February 2026, approved the commencement of the second tranche. The tranche involves the distribution of 604,348,395 ordinary shares under the initial phase of the programme.
“Following the completion of the Tranche 1 distribution in August 2025, and in furtherance of the shareholder resolution, the Nigerian Exchange Limited and the investing public are hereby notified that on Tuesday, 10 February 2026, the Board of Directors resolved to proceed with the Tranche 2 distribution of the remaining shares under the first phase,” the company said in the statement.
The shares will be allocated to shareholders on the register as at the Tranche 2 Qualification Date of Monday, 30 June 2025. Distribution will be executed on a pro-rata basis, with two new ordinary shares provided for every 27 existing ordinary shares held. The company expects the Tranche 2 distribution to be completed on or before Tuesday, 31 March 2026.
This phased allocation forms part of a broader share redistribution initiative aimed at returning shares previously held by the company to its investors. Previous disclosures indicated that the first phase of the programme comprised approximately 1.28 billion shares, divided into two tranches, with each tranche structured around a 1-for-12 distribution ratio. The completion of the first tranche in August 2025 cleared the path for the current tranche now underway.
The initiative underscores Oando Plc’s ongoing commitment to enhancing shareholder value while systematically managing its shareholding structure over time.