Oando Plc has announced plans to proceed with the second tranche of its share distribution programme, with more than 600 million shares set to be allocated to eligible investors under a phased shareholder reward initiative.
In a corporate disclosure on Thursday, the company said shareholders at its 45th Annual General Meeting approved a resolution allowing shares received by the company to be distributed to investors “on a pro-rata basis” at dates determined by the board.
The board resolved to execute the distribution in phases and committed that all shares arising from the programme would be distributed within 36 months beginning 30 January 2025.
The company disclosed that, after completing the first tranche in August 2025, its board, on 10 February 2026, resolved to proceed with the second tranche of the programme.
“Following the completion of the Tranche 1 distribution in August 2025, and in furtherance of the above shareholder resolution, the Nigerian Exchange Limited and the investing public are hereby notified that on Tuesday, 10 February 2026, the Board of Directors of the Company resolved to proceed with the Tranche 2 distribution of the remaining 604,348,395 ordinary shares under the first phase.
“The distribution will be made to shareholders on the register of members as at the Tranche 2 Qualification Date of Monday, 30 June 2025, on a pro-rata basis of two new ordinary shares for every 27 existing ordinary shares. The Tranche 2 distribution is expected to be completed on or before Tuesday, 31 March 2026,” read part of the corporate disclosure.
The phased distribution forms part of a broader share redistribution initiative designed to return shares previously available to the company back to investors.
Earlier disclosures showed that the first phase of the programme comprised about 1.28 billion shares split into two tranches, with each tranche structured around a 1-for-12 distribution ratio for eligible shareholders.
The first tranche was completed in August 2025, paving the way for the second tranche, now scheduled for implementation.
