Nigeria’s Oando Cross-Border Listing Wins Shareholder Approval
NIGERIA · ENERGY
Key Facts
- —What happened Every resolution in the notice passed at Oando’s 47th AGM on 17 September 2026.
- —The listing vote Directors may list Oando shares on other stock exchanges, including abroad, subject to regulatory approvals.
- —The catch This is permission to pursue listings, not a listing. No exchange or timetable has been named.
- —Other votes Four directors were re-elected and BDO Professional Services was re-appointed as auditor.
- —New powers Oando may now hold virtual or hybrid meetings and work with digital assets, within the law.
- —Who it affects Oando shareholders on the Nigerian and Johannesburg exchanges, and possible new foreign investors.
Shareholders gave the board power to list on other stock exchanges — but no exchange, no date and no fundraising have been announced.
Shareholders in Nigerian energy group Oando have authorised the board to pursue an Oando cross-border listing on other stock exchanges. The vote came at the company’s 47th Annual General Meeting (AGM) on Thursday, 17 September 2026.
What shareholders approved
The company published the results on 18 September 2026 on the Johannesburg Stock Exchange (JSE) news service. The meeting began at 10:00 Nigerian time, and the notice said it would be held virtually.
Shareholders received the 2025 audited financial statements. They re-appointed BDO Professional Services as auditor for the year ending 31 December 2026.
Four directors retiring by rotation were re-elected: Ademola Akinrele, a Senior Advocate of Nigeria (SAN), Omamofe Boyo, Ikeme Osakwe and Adeola Ogunsemi. Akinrele chairs the board.
Pay for non-executive directors, unchanged from the last AGM, was approved. Members of the statutory audit committee were also elected.
Shareholders renewed a general mandate for dealings with related parties on normal commercial terms. The mandate covers goods, services and financing for day-to-day operations.
The Oando cross-border listing mandate explained
The key resolution lets directors approve and carry out a listing of Oando’s shares on other stock exchanges they see fit. It expressly includes cross-border listings.
That power is subject to any regulatory approvals required by law. The directors may also take the steps needed to meet each exchange’s listing rules.
Oando already has its primary listing on the Nigerian Exchange (NGX) and a secondary listing on the JSE. Oando says it was the first African company to list across the border in Johannesburg, in 2005.
The resolution itself raises no money. It names no exchange, no share sale and no date.
Virtual meetings and digital assets
A new Article 50(a) lets Oando hold general meetings in person, online or as a hybrid of both. Members’ rights to attend, take part and vote must be preserved.
A second change adds digital assets to the company’s list of permitted business activities. It covers assets built on cryptographic or distributed ledger technology, such as blockchain.
A distributed ledger is a shared record kept in the same form on many computers. The new clause requires compliance with all applicable laws and regulations.
Oando has not announced any specific digital-asset project. For now, the change widens what the company is legally allowed to do.
How the listing fits Oando’s finances
Oando reported first-half 2026 revenue of 2.1 trillion naira (US$1.58 billion), up 20% from a year earlier. Profit after tax rose 8% to 68.6 billion naira (US$51.6 million).
Naira figures here are converted at 18 September 2026 rates. Cash at the end of June stood at 544.9 billion naira (US$409.7 million).
Average production reached 42,789 barrels of oil equivalent per day, up 16% year on year. Oando kept its full-year guidance of 40,000–50,000 barrels a day.
The company also signed a production sharing contract for Block KON 13 in Angola. It holds a 45% stake and will operate the block.
In its August results, Oando said it would pursue an intensive fundraising and balance sheet restructuring programme. Its 2026 outlook lists completing a rights issue and progress on a US$1.5 billion multi-instrument programme.
The rights issue offers about 4.4 billion new shares at 50 naira (US$0.04) each. In April 2026 it was still awaiting approval from Nigerian and South African regulators.
What it means for expats and investors
For expats and foreign investors, a listing on a larger market could make Oando shares easier to buy through international brokers. It could also bring stricter disclosure and reporting rules.
Nothing changes today for existing holders. Shares still trade in Lagos and Johannesburg, and the re-elected board signals continuity.
At the meeting, Group Chief Executive Wale Tinubu stressed discipline. “Operational control gives us execution capacity and creates value,” he said.
Investors will judge that promise against delivery on production, costs and debt. Those numbers matter more than any new listing venue.
A listing abroad could also let investors hold Oando in a currency other than the naira. That would depend on where and how the shares are listed.
Anyone holding Oando should watch for formal exchange filings. A real Oando cross-border listing would need a listing document and regulator sign-off.
What is still not known
Oando has not said which exchange it might target or when. It has not said whether a new listing would come with a share sale.
The timing of the rights issue is also still open. The company has not said how the listing plan and the rights issue fit together.
A listing could take many months, and plans can change with market conditions. For now, the next step to watch is Oando’s first formal filing with a new exchange.
Frequently Asked Questions
Frequently Asked Questions
What did Oando shareholders approve at the 47th AGM?
All resolutions in the notice, including director re-elections, the auditor, virtual meetings, digital assets and authority for listings on other stock exchanges.
Does this mean Oando will list on a foreign exchange?
Not yet. The board now has permission to pursue it, but no exchange or date has been named, and regulators must approve.
Where does Oando trade today?
Its primary listing is on the Nigerian Exchange in Lagos, with a secondary listing on the Johannesburg Stock Exchange since 2005.
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Sources: Oando PLC results of the 47th AGM (JSE SENS), 18 September 2026; Oando H1 2026 results, 4 August 2026; Oando rights issue update, 29 April 2026; BusinessDay; ThisDay; Premium Times.
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