Lagos, Nigeria – June 26, 2025
Oando PLC, Nigeria’s leading indigenous energy company, has reported a robust financial performance for the first quarter of 2025, posting a revenue of ₦933 billion, a 2% rise from ₦915 billion recorded in Q1 2024.
In its newly released Q1 financial report, the company attributed the revenue boost to a significant increase in crude oil and gas production, as well as the full consolidation of the Nigerian Agip Oil Company (NAOC) joint venture assets it acquired recently.
The company’s crude oil production climbed by 132% to 11,369 barrels per day (bpd), while gas production increased by 56% to 25,185 barrels of oil equivalent per day (boepd). Natural gas liquids (NGL) production also saw a 30% rise, reaching 1,040 bpd. Total daily output averaged 37,595 boepd, up 72% year-on-year.
Despite the global volatility in oil prices, Oando recorded a gross profit of ₦85 billion, marking a sharp 172% surge from ₦31 billion in the same period last year.
Oando Clean Energy Limited (OCEL), the company’s renewable energy arm, continued its rollout of electric buses in Lagos. Over 53,000 rides were completed in the first quarter, translating to a carbon offset of more than 42,000 kilograms of CO₂.
Oando Trading, the company’s downstream arm, transported 5.96 million barrels of crude oil and refined petroleum products during the quarter, up from 4 million barrels in Q1 2024.
Financial Position and Profitability
The company’s operating loss of ₦120 billion, driven by fair value losses from acquisitions, was offset by significant tax credits and deferred tax income, resulting in a net profit of ₦113 billion after tax.
Capital expenditure for the quarter rose sharply to ₦45 billion, from ₦9 billion in Q1 2024, reflecting investment in asset development and expansion, especially in Angola and Trinidad & Tobago.
Commenting on the performance, Oando Group Chief Executive Officer, Mr. Wale Tinubu, described the results as a strong start to the year, highlighting strategic gains from expanded operations and energy diversification.
“This quarter’s performance demonstrates our commitment to operational excellence and long-term value creation. The successful integration of our newly acquired assets is already yielding results,” he said.
Oando aims to sustain its output in the 30,000–40,000 boepd range by year-end, backed by a recent $375 million capital injection.
With global energy demand rebounding and Africa’s energy transition gaining traction, Oando appears well-positioned to leverage both fossil and clean energy opportunities. The firm’s performance signals renewed investor confidence and resilience in Nigeria’s oil and gas sector amid economic reforms and industry transformation.