Oando PLC, a leading indigenous energy solutions provider in Africa, has begun the second phase of its stock dividend distribution, continuing the issuance of 1.28 billion additional shares to its shareholders. This move follows the approval granted by shareholders at the Company’s 45th Annual General Meeting (AGM) held last week Tuesday.

At the AGM, shareholders authorized the Board to distribute shares received pursuant to the AGM resolution to shareholders of record, on a pro-rata basis, at dates determined by the Board from time to time. Oando officially notified the Nigerian Exchange Limited and the investing public on February 5, 2025, that the Board, at its meeting on January 30, 2025, resolved to implement the distribution in phases over a 36-month period commencing January 30, 2025.

The first tranche (Tranche 1) of the distribution, covering shareholders on the register at the close of business on February 14, 2025, was successfully completed in August 2025. This marked the initial step in the Company’s commitment to rewarding shareholder loyalty and confidence.

Building on this initial success, the Board of Directors approved the commencement of Tranche 2 on February 10, 2026. This involves the distribution of 604,348,395 ordinary shares to shareholders on record as of June 30, 2025. The shares will be distributed on a pro-rata basis of two (2) new ordinary shares for every twenty-seven (27) existing ordinary shares held. The Tranche 2 distribution is expected to be completed on or before March 31, 2026.

This announcement underscores Oando’s commitment to enhancing shareholder value through strategic initiatives that balance growth with sustainability. The phased distribution approach aims to ensure market stability and maintain investor confidence in Oando’s long-term prospects.

This development follows Oando’s strong operational and financial performance in 2024 and 2025, subsequent to its transformational $783 million acquisition of Nigerian Agip Oil Company (NAOC) and expansion across Africa, including its award of Block KON 13 in Angola’s Onshore Kwanza Basin.

Through this continued share distribution, Oando reaffirms its position as a shareholder-focused company, driving value creation, operational excellence, and sustainable growth as it strengthens its footprint across the African energy landscape.