LAGOS, Nigeria — October 30, 2025.
Oando PLC, Nigeria’s leading indigenous energy company listed on the Nigerian Exchange (NGX) and the Johannesburg Stock Exchange (JSE), has posted a strong nine-month performance with a ₦210 billion Profit After Tax, marking a 164% increase from the ₦76 billion reported in the same period of 2024.
The Group’s unaudited financials for the period ended September 30, 2025, reflect strong production growth and disciplined cost control, despite a 20% decline in Group revenue to ₦2.5 trillion, driven by reduced gasoline imports following the Dangote Refinery’s ramp-up.
“Our assumption of operatorship following the NAOC acquisition has been transformational,” said Wale Tinubu, Group Chief Executive of Oando PLC. “It has granted us the agility to act decisively and execute with precision in driving production growth and operational efficiency.”
The company reported a 59% year-on-year increase in crude oil and gas production, now averaging 38,121 barrels of oil equivalent per day (boepd). This growth was supported by improved uptime across operated assets and the commissioning of the Obiafu-44 gas-condensate well, which came onstream in October.
To reinforce liquidity and fund expansion, Oando upsized its Reserve-Based Lending (RBL 2) facility to $375 million, while also renegotiating key credit facilities on more favorable terms. The company said this will help advance its 1 billion barrels of oil equivalent (boe) upstream portfolio.
The Group’s trading arm lifted 21 crude cargoes (19.8 MMbbl), compared to 15 cargoes (16.7 MMbbl) last year, as it rebalanced toward higher-margin crude and gas trading.
Beyond Nigeria, Oando expanded its regional and international footprint, securing operatorship of Block KON 13 in Angola—marking its strategic entry into the Kwanza Basin—and emerging as the preferred bidder for the Guaracara Refinery in Trinidad & Tobago, signaling its debut in the Caribbean downstream market.
Oando’s clean energy division also made progress, advancing projects in electric mobility, solar, geothermal, and recycling, including a 1.2GW solar PV assembly plant, a 6MW geothermal pilot, and a PET recycling facility with a 2,750-ton monthly capacity.
In the governance space, Mrs. Folashade Ibidapo-Obe was appointed Chief Compliance Officer and Company Secretary, strengthening oversight frameworks. The company also completed the first tranche of its 1.28 billion-share distribution programme, offering a 5.33% dividend yield, its first shareholder payout in years.
Sector peers Aradel Holdings Plc and Seplat Energy Plc also reported strong performances, with Aradel posting ₦146.4 billion in Profit After Tax and Seplat maintaining double-digit margins on steady production.
Oando reaffirmed its full-year production guidance of around 40,000 boepd, with capital expenditure between $120 million and $130 million, prioritising drilling, infrastructure optimisation, and ESG projects.
“As we enter the final quarter of 2025, we remain focused on further strengthening our balance sheet, accelerating production growth, expanding our trading footprint, and sustaining long-term value creation,” Tinubu added.
