Oando plc has paid a gross dividend of N16.39 billion in the last five years in line with its determination to create value for its shareholders, even as industry sources have said shareholders should expect a bountiful harvest for the year ahead.
Despite the challenging operating environment, Oando has been recording profit over the years and rewarding shareholders with dividend and bonus issues. Between 2006 and 2010, for instance, the company paid a total dividend of N16.39 billion to shareholders.
Chief Executive Officer Wale Tinubu said Oando’s Nigerian oil output will rise to 100,000 barrels a day by 2015 from the current 10,000 barrels after taking over the assets of Houston- based ConocoPhillips (COP).
Its N54.6 billion ($345 million) rights offer, which ended on Feb. 20, was held to partly fund the acquisition.