LAGOS, Nigeria, Sept. 21, 2026 (XOL Africa) — Shareholders of Nigerian energy company Oando Plc have endorsed the group’s strategic direction and capital allocation approach, while approving all resolutions put before its 47th Annual General Meeting.
The meeting, held on Thursday, Sept. 17, brought shareholders together to review Oando’s performance, strategic priorities and growth plans. The discussions highlighted the company’s efforts to strengthen corporate governance, improve operational accountability and deploy capital more selectively.
Among the resolutions approved were the re-election of Ademola Akinrele, SAN, Omamofe Boyo, Ikeme Osakwe and Adeola Ogunsemi as directors retiring by rotation.
Shareholders also approved the reappointment of BDO Professional Services as external auditors, elected members of the Statutory Audit Committee and approved the remuneration of non-executive directors.
The meeting also approved amendments to Oando’s Memorandum and Articles of Association to allow physical, electronic or hybrid general meetings.
The amendments further provide for provisions relating to digital assets, cryptographic technologies, distributed ledger technologies and other emerging technologies, subject to applicable laws and regulatory requirements.
Shareholders also authorised the board to pursue listings on other stock exchanges, including cross-border listings, subject to regulatory approvals.
The company’s approach to capital allocation and portfolio development was a particular focus of shareholder discussion.
Bisi Bakare, a shareholder, commended the board and management for moving toward a more selective approach to investment in mining and infrastructure.
“I just want to use this opportunity to congratulate the Board and management for the strategic shift in the mining and infrastructure business from broad-based exploration to a more disciplined asset prioritisation approach,” Bakare said.
She described the approach as prudent, particularly as Oando seeks to allocate capital across its businesses.
Oando Group Chief Executive Jubril Adewale Tinubu said the company was placing greater emphasis on operational control, accountability and execution as it pursues its growth strategy.
“Operational control gives us execution capacity and creates value. We are focusing on clear accountability and stronger performance management,” Tinubu said.
He added that the company would seek to maintain capital discipline as it integrates its operations.
“As we continue our integration, we will allocate capital responsibly, report on time, meet our guidance and commit to our choices,” Tinubu said.
The comments come as Oando continues to position itself as an integrated energy group, with shareholders using the AGM to question management and assess the company’s strategic priorities.
Board Chairman Ademola Akinrele thanked shareholders for their participation and continued confidence in the board.
“I thank you all for your attendance today, and I’d like to thank you in particular, shareholders, for the range of your questions, the thoughtfulness of it, the insight of the questions, and the passion and love you’ve shown for the company,” Akinrele said.
He also thanked shareholders for their patience and confidence in the board.
The approval of all resolutions gives Oando’s management a broad mandate to continue implementing its strategy, including its approach to capital allocation, operational integration and potential access to additional capital markets through cross-border listings.
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