Oando

Oando's FY2025 numbers tell two different stories. Operationally, the picture is genuinely strong: upstream production rose 32% year-on-year to 32,482 boepd net to Oando, with crude output up 36%, gas up 24%, and natural gas liquids surging 715% following gas-processing upgrades, reflecting the first full year of contributions from the Nigerian Agip Oil Company joint venture assets acquired from Eni in August 2024 for $783 million, pushing total reserves to roughly 1.0 billion barrels of oil equivalent and moving the company into a category closer to IOC scale in Nigeria's upstream sector.

Financially, audited results showed revenue falling 22.2% to ₦3.18 trillion from ₦4.09 trillion and a swing from a ₦93.34 billion gross profit to a ₦2.76 billion gross loss, with profit before tax down 64.6% to ₦135.76 billion; profit after tax still came in at ₦204.8 billion, aided by tax credits and impairment reversals, though the company also disclosed a working capital deficit of ₦3.76 trillion. Group Chief Executive Wale Tinubu described 2025 as a transition year, from integrating the NAOC acquisition to actually running it, with management attributing the revenue decline to a deliberate pivot away from lower-margin refined-product trading toward higher-margin crude and gas trading.

Oando struck a multi-party debt resolution during 2025, including distributing 1.28 billion shares tied to loan repayments from Ocean and Oil Development Partners, and expanded its $375 million Reserve-Based Lending facility to shore up liquidity, while increasing capital expenditure sharply, from ₦18.5 billion in 2024 to ₦101.9 billion in 2025, to fund upstream development. Alongside its oil and gas business, the company continues developing its clean energy portfolio, including a planned 1.2GW solar facility and Project LightSpeed, an electric mass transit initiative.