- Oando’s 164% profit rise highlights the company’s focus on efficiency, growth, and disciplined management across its energy portfolio.
- Through this rise, the firm strengthens its financial stability and boosts investor confidence in Nigeria’s energy market.
Oando Plc, one of Nigeria’s top indigenous energy firms, reported a 164% profit increase to N210 billion for the nine months ending September 2025. In comparison, the company earned N76 billion during the same period in 2024. This performance shows strong leadership, steady growth, and operational resilience.
Nevertheless, group revenue declined by 20% year-on-year to N2.5 trillion, down from N3.2 trillion. The drop occurred mainly because petrol imports fell as the Dangote Refinery expanded production and reshaped Nigeria’s refined products market.
According to Group Chief Executive Wale Tinubu, 2025 has been a year of both consolidation and expansion. The acquisition of Nigerian Agip Oil Company (NAOC) assets gave Oando greater control and flexibility. As a result, the move improved efficiency, stabilised operations, and strengthened production capacity.
Oando’s crude oil and gas output rose by 59%, reaching an average of 38,121 barrels per day (bpd). Tinubu noted that this growth proved the success of the NAOC acquisition and reinforced Oando’s upstream strength.
In addition, Oando expanded its Reserve-Based Lending (RBL 2) facility to $375 million, improving liquidity for its 1 billion barrels of oil equivalent (boe) portfolio. The company also renegotiated credit lines, extending repayment terms and freeing capital for new drilling projects.
Operational performance improved as well. The company achieved 82% uptime at its natural gas liquids plant and completed the Obiafu-44 gas-condensate well. Moreover, it upgraded surface facilities to reduce downtime and increase productivity.
Beyond Nigeria, Oando expanded its global reach. It gained operatorship of Block KON 13 in Angola, marking its entry into the Kwanza Basin. It also became the preferred bidder for the Guaracara Refinery in Trinidad & Tobago, its first move into the Caribbean downstream market.
Meanwhile, Oando’s clean energy division made significant progress in renewables. The company is developing a 1.2GW solar PV plant, a 6MW geothermal pilot, and a PET recycling facility with a capacity of 2,750 tonnes per month. These projects show their growing focus on sustainability and energy diversification.
Looking ahead, Oando plans to maintain its 2025 production target of 40,000 boepd. To achieve this, capital spending of $120–130 million will focus on drilling, infrastructure upgrades, and ESG initiatives.
Ultimately, Tinubu reaffirmed Oando’s long-term vision. “As we enter the final quarter of 2025,” he said, “we remain committed to strengthening our balance sheet, boosting output, and delivering lasting value.”