Lagos, Nigeria – November 2, 2025: Oando PLC, Nigeria’s leading indigenous energy group listed on both the Nigerian Exchange and the Johannesburg Stock Exchange, has posted a Profit After Tax (PAT) of ₦210 billion for the nine months ended September 30, 2025 — a 164% increase compared to ₦76 billion recorded in the same period last year.
The strong performance was driven by higher production volumes and operational efficiency following the company’s acquisition of Nigerian Agip Oil Company (NAOC) assets in 2024. Group revenue, however, declined by 20% year-on-year to ₦2.5 trillion, largely due to a reduction in gasoline imports as the Dangote Refinery ramps up production and reshapes Nigeria’s refined-products market.
Commenting on the results, Wale Tinubu, CON, Group Chief Executive of Oando PLC, described the period as transformational.
“Our assumption of operatorship following the NAOC acquisition has granted us agility to act decisively and execute with precision. This has translated into production growth and improved efficiency,” he said.
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The Group recorded an average daily production of 38,121 barrels of oil equivalent (boepd), a 59% year-on-year increase, reflecting gains from the NAOC acquisition and improved asset uptime. The revamp of Oando’s natural gas liquids (NGL) processing plant also contributed to performance, achieving 82% operational uptime and enhanced recovery rates.
To strengthen its financial position, Oando increased its Reserve-Based Lending (RBL 2) facility to $375 million, providing greater flexibility for the development of its 1 billion barrels of oil equivalent (boe) upstream portfolio. It also renegotiated key credit facilities on more favorable terms to free up liquidity for drilling and infrastructure projects.
The company expanded its footprint beyond Nigeria, securing operatorship of Block KON 13 in Angola and emerging as the preferred bidder for the Guaracara Refinery in Trinidad & Tobago, marking its entry into the Caribbean downstream market.
In its downstream trading business, Oando lifted 21 crude cargoes (19.8 million barrels), up from 15 cargoes (16.7 million barrels) a year earlier, as the division shifted focus to higher-margin crude and gas opportunities.
Beyond hydrocarbons, Oando advanced its clean energy initiatives, including plans for a 1.2GW solar PV assembly plant, a 6MW geothermal pilot, and a PET recycling facility with a capacity of 2,750 tons per month, underscoring its diversification strategy.
The company also completed the first tranche of its 1.28 billion-share distribution programme, delivering a 5.33% dividend yield—its first direct payout to shareholders in several years.
During the period, Mrs. Folashade Ibidapo-Obe was appointed Chief Compliance Officer and Company Secretary, reinforcing Oando’s governance framework.
Looking ahead, Oando reaffirmed its full-year production guidance of about 40,000 boepd and capital expenditure of $120–130 million, focused on drilling, infrastructure optimization, and ESG initiatives.
“As we enter the final quarter of 2025, our priority remains strengthening the balance sheet, expanding production, and sustaining long-term value creation,” Tinubu added.