Oando, led by Wale Tinubu, distributes 679 million bonus shares, rewarding investors with an 8.3 yield amid Nigerias challenging oil market.
Shareholders to receive one new Oando share for every twelve held, boosting investor confidence on the Nigerian Exchange and Johannesburg Stock Exchange.
Despite a 15 revenue decline to N1.72 trillion, Oando pursues 1.5 billion fundraising for growth, debt restructuring, and energy diversification in Africa.
Oando Plc, an oil company led by Nigerian oil mogul Wale Tinubu, has completed the first phase of its shareholder reward program, issuing 679.36 million fully paid bonus shares. Investors on the companys register as of Feb. 14, 2025, received one new share for every 12 they already held.
Oando rewards investors with share distributionThe share distribution follows approval at Oandos 45th Annual General Meeting in December 2024, where shareholders agreed to a plan allowing the surrender and redistribution of company shares. In January 2025, the board approved a two-tranche program to distribute a total of 1.284 billion shares. The second tranche, linked to shareholders on record as of June 30, 2025, will be announced later.
Group Chief Executive Wale Tinubu described the distribution as a reflection of the companys commitment to rewarding its investors. By issuing one fully paid share for every twelve existing shares, with no dilution, we have effectively delivered an 8.3 percent yield at todays market price, showing our dedication to creating value for shareholders, Tinubu said.