•Records 59% surge in crude oil output 

•Champions strategic foresight at 2025 annual directors conference

Emmanuel Addeh in Abuja

Oando Plc, one of Nigeria’s leading indigenous energy groups, has announced a profit of N210 billion in its unaudited results for the nine months ended September 30, 2025, reflecting production growth, and disciplined execution.

In the just released results, the group delivered a 164 per cent increase, from N76 billion in the same period of 2024, a performance driven by stronger production volumes, and operational efficiency, the company said, in a statement yesterday.

However, Group revenue declined by 20 per cent, year-on-year, to N2.5 trillion, from N3.2 trillion in 2024, primarily due to reduced petrol imports following the ramp-up of Dangote Refinery, a development that reshaped Nigeria’s refined-product market for good.

Commenting on the results, Group Chief Executive, Oando Plc, Wale Tinubu, stated, “In the first nine months of 2025, we consolidated the gains achieved following our acquisition of Nigerian Agip Oil Company (NAOC) assets last year.

“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 added that the group achieved a 59 per cent year-on-year increase in crude oil and gas production, now averaging 38,121 bpd, underscoring the impact of the NAOC acquisition and clear evidence of the beginning of the dawn of unlocking the tremendous value its reserves possess.

During the period, the company reported a surge in oil and gas output and continued operational gains, signalling strong momentum across its upstream operations for the nine months ended September 30, 2025.

To sustain its growth drive, Oando said it upsized its Reserve-Based Lending (RBL 2) facility to $375 million, strengthening its financial flexibility and supporting the accelerated development of its 1 billion barrels of oil equivalent (boe) upstream portfolio. The company also renegotiated key credit facilities on more favourable terms, extending repayment periods to free up liquidity and fund its ongoing drilling programme.

The production increase, it said, was driven by the consolidation of its NAOC joint venture interest and improved asset uptime across its operated portfolio.

Oando stated that the revamp of its natural gas liquids processing plant played a key role in the improved performance, delivering 82 per cent operational uptime and boosting recovery and reliability across production assets.

The company also said it completed the Obiafu-44 gas-condensate well, which was brought on-stream in October, and advanced surface facility upgrades to minimise downtime and enhance flow efficiency.

In a bid to expand its regional and global footprint, the company reiterated that it was awarded operatorship of Block KON 13 in Angola, marking its strategic entry into the Kwanza Basin, and was selected as the preferred bidder for the Guaracara Refinery in Trinidad & Tobago, signalling its entry into the Caribbean downstream market.

In the downstream, Oando said its trading subsidiary lifted 21 crude cargoes (19.8 MMbbl), up from 15 cargoes (16.7 MMbbl) in the same period last year, following a deliberate strategic pause as the Division rebalanced its portfolio towards higher-margin crude and gas trading opportunities.

Besides, in its clean energy division, the company stated that it advanced its electric mobility, solar, and recycling initiatives, progressing development of a 1.2GW solar PV assembly plant, completing a techno-economic study for a 6MW geothermal pilot, and securing land for a 2,750-ton-per-month PET recycling facility.

Oando’s performance, the company said, reflected a period of strategic transition, marked by strong profitability and upstream growth despite softer trading revenues.

In the same stead, sector peers, such as Aradel Holdings Plc and Seplat Energy Plc, reported higher top-line growth, benefiting from more stable upstream portfolios and consistent production trends, it said.

Aradel Holdings posted N368.1 billion in revenue, up 37.2 per cent year-on-year, and N146.4 billion in Profit After Tax (PAT), reflecting stable production and improved operational efficiency. Similarly, Seplat Energy reported sustained revenue growth and double-digit margins in its half-year results, supported by steady production and a robust gas business.

During the review period, it said Mrs. Folashade Ibidapo-Obe was appointed Chief Compliance Officer and Company Secretary, reinforcing Oando’s governance and compliance framework.

The company stressed that it also completed the first tranche of its 1.28 billion-share distribution programme, delivering a 5.33 per cent dividend yield to shareholders, its first direct payout in years, as part of a broader plan to restore sustainable shareholder returns.

Looking ahead, Oando said it maintained its full-year production guidance of circa 40,000 boepd, with capital expenditure projected at $120–130 million, focused on drilling, infrastructure optimization, and ESG projects.

Wale Tinubu added, “As we enter the final quarter of 2025, we remain focused on further strengthening our balance sheet, accelerating production growth, expanding our trading footprint, optimising our cash flows, and sustaining long-term value creation.”

Meanwhile, Oando Plc joined industry leaders and policymakers at the 2025 Annual Directors Conference hosted by Chartered Institute of Directors Nigeria (CIoD) at a two-day event, held at Abuja Continental Hotel. The programme explored the theme, “Leading Through Change: Building Sustainable & Inclusive Enterprises.”

As an Associate Sponsor, Oando reaffirmed its commitment to advancing sound corporate governance and sustainability within Nigeria’s private sector. Representing the company, Ms. Ayotola Jagun, Chief Corporate Services and Sustainability Officer, featured as a panellist in a session, titled, “Embracing Strategic Foresight for Future-Readiness.”

Speaking on the panel, Jagun emphasised that foresight must translate into action, a statement from the company said.

Jagun said, “Strategic foresight isn’t abstract; it’s about applying practical tools like scenario planning and risk assessments to anticipate change and build resilience. As directors, we must not only anticipate change but also ensure management has the frameworks and discipline to monitor and respond to emerging risks. That’s how we build truly future-ready organisations.”

She added that sustainability was rooted in values, stating that organisations thrive when they reward foresight and innovation, not just profitability.

The CIoD, as the apex professional body representing directors across industries, continues to serve as a key platform for promoting ethical leadership and corporate excellence in Nigeria.

Oando said its participation underscored its belief that sustainable growth and national progress depended on visionary, accountable leadership.

The statement said, “For Oando, participation in this forum reaffirms the company’s belief that sustainable growth and national progress hinge on leadership that is accountable, informed, and with vision.

“Spaces like these are vital to building shared understanding, aligning business and policy interests, and advancing Nigeria’s long-term competitiveness in a rapidly evolving global landscape.”

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