Oando Plc, one of Nigeria’s foremost indigenous energy companies, has reported a profit of ₦210 billion in its unaudited financial results for the nine months ending September 30, 2025 a 164 per cent increase from ₦76 billion recorded in the same period last year.
The company attributed the strong performance to higher production volumes and improved operational efficiency. However, group revenue declined by 20 per cent year-on-year to ₦2.5 trillion, down from ₦3.2 trillion in 2024, largely due to reduced petrol imports following increased output from the Dangote Refinery, which has significantly altered Nigeria’s refined products market.
Group Chief Executive, Wale Tinubu, said the results reflect the company’s strategic progress following its acquisition of Nigerian Agip Oil Company (NAOC) assets in 2024.
“Our assumption of operatorship has been transformational, granting us the agility to act decisively and execute with precision in driving production growth and operational efficiency,” Tinubu said.
He noted that crude oil and gas production grew by 59 per cent year-on-year, averaging 38,121 barrels of oil equivalent per day (boepd), underscoring the impact of the NAOC acquisition and enhanced asset performance.
During the period, Oando upsized its Reserve-Based Lending (RBL 2) facility to $375 million to strengthen financial flexibility and accelerate development of its 1 billion barrels of oil equivalent upstream portfolio. It also renegotiated several credit facilities on more favourable terms, freeing up liquidity for drilling and infrastructure projects.
The company said production gains were supported by improved asset uptime and the revamp of its natural gas liquids processing plant, which achieved 82 per cent operational uptime. It also completed the Obiafu-44 gas-condensate well and advanced facility upgrades to enhance flow efficiency.
Oando further expanded its regional footprint by securing operatorship of Block KON 13 in Angola’s Kwanza Basin and emerging as the preferred bidder for the Guaracara Refinery in Trinidad & Tobago, marking its entry into the Caribbean downstream market.
In the downstream segment, the company’s trading arm lifted 21 crude cargoes (19.8 million barrels), up from 15 cargoes (16.7 million barrels) in 2024, as it shifted focus toward higher-margin crude and gas trading opportunities.
Its clean energy division also recorded progress with ongoing electric mobility, solar, and recycling projects. These include a planned 1.2GW solar PV assembly plant, a 6MW geothermal pilot project, and a PET recycling facility with a capacity of 2,750 tons per month.
Oando said its performance reflected a period of “strategic transition” marked by strong profitability despite softer trading revenues. The company also announced the appointment of Mrs. Folashade Ibidapo-Obe as Chief Compliance Officer and Company Secretary, reinforcing its governance framework.
The company completed the first tranche of its 1.28 billion-share distribution programme, delivering a 5.33 per cent dividend yield — its first direct payout in years.
Looking ahead, Oando reaffirmed its full-year production target of around 40,000 boepd, with capital expenditure projected at $120–130 million focused on drilling, infrastructure optimisation, and ESG projects.
“As we enter the final quarter of 2025, we remain focused on strengthening our balance sheet, accelerating production growth, expanding our trading footprint, optimising cash flows, and sustaining long-term value creation,” Tinubu said.
Meanwhile, Oando participated as an Associate Sponsor at the 2025 Annual Directors Conference of the Chartered Institute of Directors Nigeria (CIoD), themed “Leading Through Change: Building Sustainable & Inclusive Enterprises.”
At the event, Chief Corporate Services and Sustainability Officer, Ms. Ayotola Jagun, emphasised the importance of foresight and sustainability in corporate governance.
“Strategic foresight isn’t abstract it’s about using tools like scenario planning and risk assessments to anticipate change and build resilience,” she said.
Oando stated that its participation reaffirmed its belief that sustainable growth and national progress depend on visionary, accountable leadership and collaboration between business and policy stakeholders.
