Oando Steadies Amidst Shareholders’ Cross-Border Listing Approval
Oando Plc closed flattish at N34 per share on the Nigerian Exchange (NGX) trading amidst fresh cross-border listing approval from shareholders at the annual meeting.
With strong operational targets set for 2026, the market had anticipated a strong re-rating of the company’s valuation. Stockbrokers said the energy stock is undervalued given its strong industry position and fundamentals.
However, investors’ sentiment has remained depressed as the market failed to price in strong dividend information sufficient to support positive price movements.
Reflecting weak investor sentiment, the company’s share price closed flattish week on week. As a result, the market value of Oando Plc’s 12.431 billion shares was unchanged at N422.668 billion, more than 40% below its highest value on the local bourse over the last 12 months.
A slew of equity analysts see potential that has not been fully priced in. Buy-side actors’ interest in Oando has been limited, keeping its valuation strength restricted.
Though actively traded, traders have maintained a hold position with negative portfolio performance as the share price spiralled. Oando disclosed that shareholders approved listing the company’s shares on other stock exchanges outside Nigeria and South Africa at the 47th annual general meeting.
“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 statement reads.
Oando anticipates production to range between 40,000 and 50,000 boepd, an outlook supported by improved asset uptime, continued well interventions, and targeted drilling activity across core assets.
The energy company seeks to maintain a stable production base while progressively unlocking incremental volumes. Its trading volumes are expected to be in the range of 30–35 million barrels in 2026, reflecting the continued transition towards higher-margin crude and gas trading opportunities.
Oando said it is pursuing selective geographic expansion and value chain integration opportunities, focusing on improving margin quality, diversifying revenue streams, and strengthening resilience across its trading portfolio.
Capital expenditure is expected to range between $90 million and $100 million, with allocation prioritised towards high-impact upstream interventions, production optimisation activities, and short-cycle investments with near-term cash flow potential.
The planned capital programme is meant to be closely aligned with production delivery, with a focus on investments that support near-term volume growth and cash flow generation.
Oando plans to continue pursuing strategic partnerships, secure long-term commercial arrangements, and advance selected renewable energy projects towards investment readiness.
The Group disclosed it is advancing a structured gas monetisation strategy, leveraging its upstream gas resource base and existing generation infrastructure to enhance value realisation across the portfolio. Oil Prices Dip as Saudi Provides Alternative Exports Route
