Oando Plc has begun the second phase of its stock dividend programme, continuing the rollout of new shares approved by shareholders to reward long-term investors.
In a statement issued on Sunday, the energy firm confirmed that the latest phase follows the approval granted at its 45th Annual General Meeting held on December 17, 2024. At that meeting, shareholders empowered the company’s board to distribute additional shares to investors listed on the company’s register, based on proportions determined by the board.
Following this mandate, Oando had earlier informed Nigerian Exchange Limited and the investing public in February 2025 that the stock dividend would be implemented in stages over a 36-month period, starting from January 30, 2025.
The first phase of the distribution, which applied to shareholders on record as of February 14, 2025, was completed in August 2025.
Building on that process, the company said its Board of Directors approved the commencement of the second tranche on February 10, 2026. This phase involves the allocation of 604,348,395 ordinary shares to shareholders who were on the register as of June 30, 2025.
Under the arrangement, eligible investors will receive two new ordinary shares for every 27 ordinary shares they already hold. The company expects this tranche to be concluded on or before March 31, 2026.
Oando explained that spreading the distribution over multiple phases is intended to strengthen shareholder value while supporting market stability and sustaining investor confidence in the company’s long-term outlook.
The latest development comes on the back of improved operational and financial performance recorded in 2024 and 2025, following the company’s $783 million acquisition of the Nigerian Agip Oil Company and its growing footprint across Africa, including the award of Block KON 13 in Angola’s onshore Kwanza Basin.
With the continued share distribution, Oando said it remains focused on rewarding shareholders while pursuing sustainable growth, operational efficiency, and long-term value creation across the African energy sector.
