A favourable resolution was given by shareholders at the 47th Annual General Meeting (AGM) of Oando Plc authorising the directors to effect the listing of the Company’s shares on other stock exchange(s) as they may deem fit (including cross-border listings).
The shareholders authorised the directors take all such steps, execute all such documents, and do all such things as may be necessary or expedient to give effect to and ensure full compliance with the listing requirements of any such stock exchange, subject to obtaining any regulatory approvals required under applicable law.
Also, at the meeting held on Thursday September 17, the shareholders received and approved the 2025 audited financial statements. The shareholders approved among others the amendment of the memorandum and articles of association of the company.
Oando Plc is listed on Nigerian Exchange Limited (NGX) with secondary listing on Johannesburg Stock Exchange (JSE), historically making history as the first African company to achieve a cross-border inward listing on the JSE back in 2005.
The company’s newest move is designed to enhance stock liquidity, optimise shareholder value, and provide seamless access for international investors as the energy group scales its operations.
‘Oando delivered a constructive H1 2026. The enlarged upstream asset base built around OMLs 60-63 is now converting into earnings and cash rather than simply adding volume. Revenue grew 19.9 percent year-on-year to N2.063trillion, led by a 28.7 percent rise in Exploration and Production revenue and a firmer price environment, with average realised crude at $79.22/bbl (up 19 percent) and gas at $1.78/Mscf (up 8 percent).
‘Gross profit rose 331 percent year-on-year to N101.2billion, lifting the gross margin by 354 basis points to 4.9 percent, and the Group swung from an operating loss of N158.7billion in H1 2025 to an operating profit of N127.8billion in H1 2026, the clearest evidence yet that the post-acquisition asset base is cash-generative.
‘Supply and Trading remained the Group’s dominant revenue source at N1.717 trillion, or 83.2 percent of external revenue, while Exploration and Production contributed N344.2billion, or 16.7 percent. Operating cash flow swung from an outflow of N357.5billion to an inflow of N110.0bilion over the same period,’ Coronation Research analysts said in their August 14 note on Oando’s half year (H1) performance.
While noting that financing costs are consuming most of what Oando Plc business generates, Coronation Research said, ‘Management’s N200bilion Rights Issue and $1.5billion multi-instrument issuance programme, both explicitly designed to substitute equity for debt, are the key catalysts to watch from here, and are likely to matter more to the share price over the next two quarters than the operating print itself’.