Oando Wins Shareholder Backing For New Cross-Border Stock Listings

By Olumide Johnson

Oando Plc has secured shareholder approval to pursue additional cross-border listings outside Nigeria and South Africa, opening a new route for the energy company to access international capital markets and broaden its investor base.

DEVELOPMENT:

The resolution was approved at Oando’s 47th Annual General Meeting (AGM) and disclosed in a corporate filing with the Nigerian Exchange Limited (NGX) signed by Folasade Ibidapo-Obe, Oando’s Company Secretary.

Oando is currently primarily listed on the NGX, with a secondary listing on the Johannesburg Stock Exchange (JSE).

Shareholders authorised the board to approve and implement listings on other stock exchanges, including cross-border markets, subject to the necessary regulatory approvals.

“A favourable resolution was given authorising the directors to approve and effect the listing of the Company’s shares on other stock exchange(s) as they may deem fit (including cross-border listings), and to 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,” the company said.

DATA:

Oando’s existing market presence spans Nigeria and South Africa through its NGX and JSE listings. The new shareholder mandate gives the board flexibility to pursue additional exchanges without returning to shareholders for a fresh mandate each time, subject to regulatory requirements.

At the AGM, shareholders also received the company’s 2025 audited financial statements.

BDO Professional Services was re-appointed as auditor for the financial year ending December 31, 2026, with the directors authorised to determine its remuneration.

SIGNIFICANCE:

For investors, additional international listings could broaden Oando’s access to institutional capital, improve international visibility and potentially increase the pool of investors able to trade its shares.

The move also introduces additional disclosure, governance and regulatory requirements, depending on the market ultimately selected.

The shareholder approvals further demonstrate the company’s willingness to use capital-market infrastructure beyond its existing domestic and South African listings.

NEXT MOVE:

The key development will be the identification of the additional stock exchange or exchanges targeted by Oando, followed by the regulatory approvals and listing requirements applicable to each market.

Investors should also watch the terms of any proposed listing and its implications for liquidity, shareholder access and the company’s capital-market strategy.

OUR LENS:

The cross-border listing mandate moves Oando’s capital-market strategy beyond maintaining existing listings towards creating optionality for international market access.

The immediate approval does not itself constitute a new listing. Rather, it gives the board authority to pursue one or more additional listings when market, regulatory and strategic conditions are appropriate.

At the AGM, shareholders also re-elected Ademola Akinrele, Omamofe Boyo, Ikeme Osakwe and Adeola Ogunsemi as directors following retirement by rotation.

For the statutory audit committee for the 2027 accounts, Ikeme Osakwe and Ken Igbokwe were nominated to represent the board, while Anthony Omojola, Kolawole Kalejaiye and Rashidat Adeshina were elected as shareholders’ representatives.

The broader signal is therefore a company strengthening both its international capital-market optionality and its governance architecture.

Olumide Johnson is a journalist, reporting on energy, maritime, business, and developments shaping Nigeria’s economy.