Oando Plc will ask shareholders at its 47th annual general meeting on September 17 to authorise cross-border listings of its shares on additional international stock exchanges. The resolution, listed as special business, would empower directors to approve and effect listings on exchanges they deem fit and to take all steps necessary to meet listing requirements, subject to regulatory approvals.
The energy group is currently listed on the Nigerian Exchange Limited with a secondary listing on the Johannesburg Stock Exchange, a milestone achieved in 2005 when it became the first African company to complete a cross-border inward listing on the JSE. The proposed expansion aims to enhance stock liquidity, optimise shareholder value and provide seamless access for international investors as Oando scales its operations across African and global energy markets.
The move comes against a backdrop of improving financial performance. Coronation Research analysts, in an August 14 note on the company’s half-year results, reported that Oando delivered a constructive first half of 2026. Revenue grew 19.9 percent year-on-year to N2.063 trillion, driven by a 28.7 percent rise in exploration and production revenue and a firmer price environment. Average realised crude prices reached $79.22 per barrel, up 19 percent, while gas prices rose 8 percent to $1.78 per thousand standard cubic feet.
Gross profit surged 331 percent to N101.2 billion, lifting the gross margin by 354 basis points to 4.9 percent. The group swung from an operating loss of N158.7 billion in the first half of 2025 to an operating profit of N127.8 billion in the same period of 2026, which analysts cited as the clearest evidence yet that the post-acquisition asset base is cash-generative. Supply and trading remained the dominant revenue source at N1.717 trillion, representing 83.2 percent of external revenue, while exploration and production contributed N344.2 billion, or 16.7 percent. Operating cash flow reversed from an outflow of N357.5 billion to an inflow of N110.0 billion over the comparative periods.
Despite the operational turnaround, Coronation Research noted that financing costs are consuming most of what the business generates. The analysts highlighted management’s planned N200 billion rights issue and a $1.5 billion multi-instrument issuance programme, both designed to substitute equity for debt, as the key catalysts to watch over the next two quarters. These capital-raising initiatives are expected to matter more to the share price trajectory than the operating performance itself.
The AGM authorisation would position Oando to tap deeper capital pools and broaden its global investor base, complementing its balance-sheet restructuring efforts. Shareholders will vote on whether to grant directors the flexibility to pursue listings that align with the company’s growth strategy, marking a potential new phase in its international market engagement.
