Oando Plc, on Friday, said it has successfully completed the first tranche of its Share Distribution Programme to eligible shareholders as approved at its 45th Annual General Meeting in December 2024.

At the said AGM, shareholders approved a settlement through the surrender of shares after which there will be “pro-rata distribution of some or all of these shares to existing shareholders.”

The Board of Directors had in January 2025 approved the Phase 1 distribution of 1,283,712,601 shares in two tranches, beginning with 679,364,206 shares to eligible shareholders on the Company’s Register of Members as of February 14, 2025.

The distribution for which Oando Plc received regulatory nod in July, according to the notification by Folashade Ibidapo-Obe, the group’s Chief Compliance Officer & Company Secretary, has been fully concluded which a new fully paid share being issued for every 12 existing shares.

Ibidapo-Obe quoted Wale Tinubu, the Group Chief Executive of Oando Plc as saying the “initiative underscores our unwavering commitment to delivering tangible value to our shareholders. By issuing one fully paid share for every twelve existing shares, with no dilution, we have effectively delivered an 8.3% yield at today’s market price thus aligning shareholder’s interests with our long-term growth ambitions.”

The timing for Tranche Two of the programme, the statement noted, which will be applicable to shareholders on the Register of members as of June 30, 2025, will be announced at a later date, as determined by the Board.

The statement urged shareholders yet to receive their allocation to contact the Registrars promptly to regularise their details and facilitate settlement.