Press Release

Lagos, Nigeria – Oando PLC (referred to as “Oando” or the “Group”), sub-Saharan Africa’s largest integrated energy group with a primary and secondary listing on the Nigerian Stock Exchange and Johannesburg Stock Exchange, has made a total dividend payout in the sum of N5.1 billion to its shareholders on September 2, 2013.Shareholders have expressed satisfaction with the disbursement, as the substantial payout represents a 61% increase from the last dividend payments made by the company.

The company successfully completed a N62.6 billion oversubscribed Rights Issue between December 2012 and February 2013. This furtherhighlights shareholder confidence in Oando’s ability to continue to generate sustained earnings and increased value for its shareholders.According to Mr. Wale Tinubu, Group Chief Executive, Oando PLC, “The centerpiece of our overall growth strategy remains focused on steady and progressive value creation for our shareholders. With a business such as ours that guarantees steady returns on investments, we are positioning ourselves to ensure that our shareholders continue to enjoy an exemplary dividend payout year after year.”

Oando PLC steadily reduced its overall debt by 18 percent in the last twelve months from N289 billion to N236 billion, indicating a difference of N53 billion. The active debt reduction also impacted the company’s net interest expense, and was achieved through the restructuring activities the Group has embarked on over the last 12 months.

Commenting further, Mr. Tinubu, said, “We approach the second half of the year with the promise of a renewed drive in the promotion of an enabling environment for indigenous participation in the oil sector, ultimately resulting in superior value creation for all our shareholders, by further refining our three-pronged strategy to; reduce debt, improve diversification in upstream, and focus on higher margins.” 

Ainojie ‘Alex’ Irune
Head, Corporate Communications
Oando PLC
2 AjoseAdeogun Street,
Victoria Island,
Lagos, Nigeria.
Email: airune@oandoplc.com
Tel: +234 (1) 2702400 Ext 6270
DL: 01-2805593