Oando Plc has announced the completion date for the second tranche of its share distribution to eligible shareholders. According to a filing on the Nigerian Exchange, the distribution of 604,348,395 units will be completed on or before Tuesday, 31 March 2026.

The decision was resolved by the board on Tuesday, 10 February 2026. Tranche 2 will allocate two new units for every 27 existing shares held, following the completion of Tranche 1.

Combined with the 679,364,206 shares from Tranche 1, the total distribution will reach 1,283,712,601 units, completing the planned share allocation and updating the company’s share structure.

At its Annual General Meeting on 17 December 2024, shareholders approved plans to distribute ordinary shares on a pro-rata basis to those on record on board-determined dates. The second tranche of 604,348,395 remaining shares out of a total 1,283,712,601 ordinary shares will be distributed to shareholders who qualified as of 30 June 2025. The company stated that any fractional entitlements will be rounded to the nearest whole number, with no cash payment made for any fractions.

Wale Tinubu, CON, Group Chief Executive of Oando Plc, commenting on the development after the completion of Tranche 1, said the initiative reflects the company’s commitment to delivering real value to shareholders. He noted that allocations were made fairly in proportion to existing holdings, increasing shareholders' units at no extra cost and offering potential gains if the company performs well.

Oando believes the exercise will improve its share structure, properly manage units in circulation, strengthen investor confidence, and meet regulatory requirements. The company recently submitted an application to the Nigerian Exchange Limited seeking approval to list a rights issue of 4,415,867,342 ordinary shares, aiming to raise N220.79 billion in fresh capital.

As of pre-market opening on 20 February 2026, Oando shares have risen 4.48% year-to-date, currently priced at N42.