Oando Plc has reported a major boost in profit, posting ₦210 billion for the third quarter of 2025 — a 164% rise compared to ₦76 billion recorded in the same period last year.
The company announced this in its unaudited financial results filed with the Nigerian Exchange and Johannesburg Stock Exchange, noting that the profit growth was mainly driven by higher oil and gas production and improved operational efficiency.
Despite the strong profit, Oando’s revenue dropped by 20% to ₦2.5 trillion from ₦3.2 trillion in 2024. The company explained that the fall was due to reduced petrol imports as the Dangote Refinery began full operations. Its gross profit also declined by 42% to ₦113 billion, reflecting changes in the energy market and adjustments in its business operations.
Group Chief Executive Officer, Wale Tinubu, said the performance was boosted by the successful integration of Nigerian Agip Oil Company’s assets, which Oando acquired in 2024. He said the acquisition allowed the company to take charge of operations, improve efficiency, and grow production.
Oando’s average daily oil and gas output rose by 59% year-on-year to 38,121 barrels of oil equivalent per day. The company also increased its Reserve-Based Lending facility to $375 million to fund drilling and infrastructure projects and renegotiated some credit facilities on better terms.
The firm said its Natural Gas Liquids processing plant achieved 82% operational uptime, while the newly completed Obiafu-44 gas condensate well began production in October.
Oando is also expanding its footprint beyond Nigeria. It was awarded operatorship of Block KON 13 in Angola and named the preferred bidder for the Guaracara Refinery in Trinidad and Tobago, marking its entry into the Caribbean energy market.
In its trading business, Oando lifted 21 crude cargoes (about 19.8 million barrels) during the period, up from 15 cargoes last year, as it shifted focus to higher-margin crude and gas deals.
The company’s clean energy arm made progress on renewable projects, including a 1.2GW solar plant, a 6MW geothermal pilot, and a recycling facility for 2,750 tons of plastic each month.
To strengthen its corporate structure, Oando appointed Mrs. Folashade Ibidapo-Obe as Chief Compliance Officer and Company Secretary. It also completed the first phase of its share distribution programme, giving shareholders a 5.33% dividend — its first payout in several years.
Looking ahead, the company expects to maintain production at around 40,000 barrels of oil equivalent per day, with capital spending of $120–130 million focused on drilling, infrastructure, and sustainability projects.
Tinubu said Oando will continue to build on its progress, strengthen its balance sheet, and drive long-term value for shareholders.
