Oando Plc has announced that it will distribute more than 600 million shares to its investors as part of the second phase of its ongoing shareholder reward programme.

The programme was approved at the company’s 45th Annual General Meeting, allowing shares held by Oando to be returned to shareholders on a proportional basis. The board confirmed that the distribution will be done in stages, with all shares from the programme expected to be fully allocated within 36 months starting January 30, 2025.

After completing the first phase in August 2025, the board approved the second tranche on February 10, 2026. Under this phase, 604,348,395 shares will be distributed to shareholders listed on the register as of June 30, 2025. Eligible investors will receive two new shares for every 27 shares they currently hold. The process is expected to be completed by March 31, 2026.

This distribution is part of Oando’s broader plan to return previously held shares back to investors and increase shareholder value. The first phase of the programme involved about 1.28 billion shares, divided into two tranches, with the first tranche successfully completed last year.