Oando Plc has commenced the second tranche of its stock dividend distribution.

This continues the issuance of 1.28 billion additional shares to shareholders.

The milestone follows shareholder approval granted at the company’s 45th Annual General Meeting held on December 17, 2024.

The firm stated in a statement on Sunday.

At the meeting, shareholders authorised 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.

Pursuant to this mandate, Oando notified the Nigerian Exchange Limited and the investing public on February 5, 2025.

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 covering shareholders on the register at the close of business on February 14, 2025 was completed in August 2025.

On February 10, 2026 the Board of Directors approved the commencement of Tranche 2.

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 new ordinary shares for every 27 existing ordinary shares held.

The Tranche 2 distribution is expected to be completed on or before March 31, 2026.

The phased distribution approach is part of the company’s efforts to enhance shareholder value while maintaining market stability and investor confidence in its long-term prospects.

The development follows Oando’s operational and financial performance in 2024 and 2025 after its $783m acquisition of the Nigerian Agip Oil Company and expansion across Africa including the award of Block KON 13 in Angola’s Onshore Kwanza Basin.

Through the continued share distribution Oando said it is reinforcing its position as a shareholder-focused company pursuing value creation operational excellence and sustainable growth across the African energy landscape.