Oando wins shareholder approval for cross-border listings 

Oando Plc shareholders have given the energy company’s board the authority to pursue listings on other stock exchanges, giving the Nigerian group greater flexibility as it expands its business and seeks to broaden access to international capital markets. 

The resolution was approved at the company’s 47th annual general meeting, where shareholders also backed a series of corporate governance and board resolutions. 

The approval comes as Oando reports stronger operating and financial results following investments in its upstream business and efforts to improve the performance of its assets.

Shareholders back expansion plans 

Group Chief Executive Wale Tinubu told shareholders that the company had reached several operational milestones and expected the benefits of those improvements to begin showing more clearly in shareholder returns from the next financial year. 

“Operational control gives us execution capacity and creates value,” Tinubu said. He added that Oando would focus on accountability, performance management, responsible capital allocation and timely reporting as it continues integrating its expanded upstream portfolio. 

Chairman Ademola Akinrele thanked shareholders for their questions and continued support, saying the board remained focused on delivering value to stakeholders. 

Bisi Bakare, national coordinator of the Pragmatic Shareholders Association, also praised management’s approach to capital allocation, particularly its decision to prioritize assets within the group’s mining and infrastructure businesses. 

Shareholders approved changes to Oando’s Memorandum and Articles of Association to allow physical, electronic or hybrid general meetings. The amendments also cover digital assets, cryptographic technologies and distributed ledger technologies, subject to applicable laws and regulations. 

Other resolutions included the re-election of Akinrele, Omamofe Boyo, Ikeme Osakwe and Adeola Ogunsemi as directors retiring by rotation. Shareholders also approved the reappointment of BDO Professional Services as external auditors, elected members of the Statutory Audit Committee and approved the remuneration of nonexecutive directors.

Revenue rises 20% in first half 

Oando, formerly Unipetrol before its 2003 rebranding, has expanded across the upstream, midstream and downstream energy markets. Through Oando D&P, Tinubu holds a 66.67% controlling stake in the company.

The shareholder meeting followed a stronger first-half performance. Oando reported a 20% increase in revenue to 2.1 trillion naira ($1.58 billion) for the six months ended June 30, 2026, from 1.72 trillion naira ($1.28 billion) a year earlier. 

Gross profit surged 331% to 101 billion naira ($75.85 million), while profit after tax rose 8% to 68.6 billion naira ($51.52 million). 

The company’s upstream business recorded facility uptime of 92%, compared with 85% in 2025. Average production increased 16% to 42,789 barrels of oil equivalent per day from 36,836 boepd. 

Crude oil production rose 19% to 12,358 barrels per day, while gas volumes increased 14% to 28,497 boepd. Natural gas liquids production climbed 16% to 1,935 boepd. 

Oando attributed the improvement to lower transport, logistics, services and technology costs, higher production and better use of its existing field infrastructure. 

The company also drilled new wells, restored 12 previously shut-in wells and improved facility performance across OMLs 60-63. Trading volumes increased 2.1% to 13.15 million barrels.

Oando targets higher production 

Oando plans to complete a seven-well drilling program in 2026, alongside about 100 well intervention activities across its portfolio. 

The company has maintained full-year production guidance of 40,000 to 50,000 boepd. It also expects its identified inventory of 62 development wells and 55 planned interventions to support its longer-term production target of about 100,000 boepd. 

Tinubu said the company would also pursue fundraising and balance-sheet restructuring to strengthen liquidity, improve working capital and provide funding for further expansion. 

Oando is continuing work on a rights issue and a $1.5 billion multi-instrument issuance program, while also developing its clean-energy businesses.