Business
Oando Records N4.1trn Revenue In 2024
Oando PLC, Africa’s leading integrated energy company listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), has posted a 44per cent increase in revenue to N4.1trillion in 2024, compared to N2.9 trillion recorded in 2023.
In the upstream, Oando’s production witnessed a 3per cent increase to 23,727 boepd; made up of crude oil production which increased by 27per cent to 7,558 bopd, while NGL production and gas decreased respectively by 35per cent to 156 bpd, and 5per cent to 16,013 boepd.
The company’s 2P reserves grew 95per cent year-on-year to 983 MMboe (2023: 505 MMboe), representing a 188per cent reserves replacement ratio and underscoring the strength of the company’s upstream portfolio post-acquisition.
The company also reported a sustained operational uptime of 86per cent, supporting off-take reliability and reducing deferred production.
Similarly, other indigenous players have also reported significant revenue growth following the recent wave of International Oil Company divestments.
Seplat recorded a revenue of ₦1.65 trillion, representing a 137per cent increase from 2023, while Aradel posted ₦581.2 billion in revenue, a 162per cent increase compared to the previous year.
Speaking on the company’s upstream performance, Group Chief Executive, Oando PLC, Wale Tinubu said, “2024 was a defining year for Oando, with the successful acquisition and integration of NAOC marking the culmination of a decade-long strategic growth journey which has significantly deepened our upstream portfolio, resulting in our assumption of operatorship of the OML 60–63 series and the doubling of our working interest in the assets from 20per cent to 40per cent, as well as our 2P reserves from 500 million barrels of oil equivalent to 1 billion barrels.
In the downstream, Oando’s trading subsidiary reported that it sold 20.7 million barrels of crude oil in 2024; a 37per cent decline from 2023 due to structural changes in the Nigerian oil market.
Additionally, refined product volumes declined by 64per cent to just over 599 kMT, due to weakened domestic demand, driven by the challenging macroeconomic in-country.
Projections for global oil prices and demand in 2025 remain uncertain due to persistent macroeconomic and trade policy uncertainties.
JP Morgan pegs Brent to peak at $66/bbl in 2025 and $58/bbl in 2026 while the U.S. Energy Information Administration’s (EIA) predictions project Brent crude oil prices to fall from an average of $81 per barrel (b) in 2024 to $74/b in 2025 and $66/b in 2026 citing an increase in global production coupled with slower global demand growth.
Within its renewable energy business, the company continued to advance its clean energy agenda recording measurable progress across multiple verticals.
By the end of 2024 the electric mass transit programme had covered 121,145 km, transported over 205,000 passengers, displacing 163,546 kg of CO₂ emissions and saving more than 60,000 litres of diesel.
Other notable achievements include signing MoUs for wind projects with Cross River and Edo State as well as launching a geothermal feasibility study in collaboration with NNPC, exploring the conversion of mature wells to renewable power assets.
As the company continues to integrate its expanded portfolio following its most recent strategic acquisition, current projections show it’s gone into 2025 with strong momentum and clear ambition.
Tinubu further remarked that “Looking ahead, 2025 will be our year of execution. Our key priorities shall include unlocking synergies from the acquisition, addressing above-ground security risks through the implementation of a revamped security framework aimed at curbing the persistent theft of oil, cost optimization, balance sheet restructuring, enhancing operational efficiency, and leveraging technology to improve productivity across our operations.
“In our bid to ramp up production towards achieving our target of 100,000 bopd and 1.5 tcf of gas by 2029, we shall pursue a dual-track approach of rig-less interventions and well workovers, complemented by an aggressive drilling program.
“We are excited by the opportunities that lie ahead and remain committed to delivering enhanced shareholder returns, shared prosperity and maintaining our position as a leading player in Africa’s evolving energy landscape,” he said.
The published audited FY 2024 results also include approximately four months of contribution from Nigerian Agip Oil Company (NAOC), following the completion of the acquisition on August 22, 2024. Following this, the company has set a production guidance of 30,000–40,000 barrels of oil equivalent per day (boepd) in its 2025 outlook.
This aligns with its post-acquisition optimisation plans to maximise portfolio value and supports its four-year target of reaching 100,000 barrels per day.
It is evident that local players, particularly those that have become operators following the recent IOC divestments, are increasingly well-positioned to drive the future of the Nigerian energy sector.
These indigenous companies possess unique insights and contextual experience that enable them to more effectively manage onshore and shallow water assets.
Also, this shift is expected to generate a ripple effect across the economy by increasing local employment, enhancing capacity development, and improving government revenue through taxes retained within the country, revenue that was previously repatriated to the home countries of the International Oil Companies (IOCs).
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The Nigerian National Petroleum Company Limited has signed a fresh agreement with two Chinese firms in a move aimed at accelerating the long-delayed rehabilitation and commercial restart of Nigeria’s refineries, while opening a new window for technical equity partnerships.
The deal, structured as a Memorandum of Understanding, was signed with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, marking what the national oil company described as a “critical milestone” in its refinery transformation drive.
The agreement was executed in Jiaxing City, China, on April 30, 2026, by the Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, alongside the Chairman of Sanjiang Chemical Company, Guan Jianzhong, and Chairman of Xingcheng Industrial Park, Bill Bi.
According to a statement issued on Monday by the Chief Corporate Communications Officer of NNPC Ltd, Andy Odeh, the MoU sets the stage for a potential Technical Equity Partnership aimed at completing outstanding work at the Port Harcourt and Warri refineries, as well as ensuring their long-term operational efficiency.
The statement read, “The NNPC Ltd has signed a Memorandum of Understanding (MoU) with two Chinese companies, Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, for collaboration through a potential Technical Equity Partnership in support of the completion and operation of the Port Harcourt and Warri Refineries.”
The national oil firm said the collaboration would go beyond rehabilitation, extending into full-scale operation and maintenance of the facilities to achieve “best-in-class, sustainable performance.”
It added that the arrangement would also explore expansion projects that would reposition the refineries to produce cleaner fuels and higher-value petroleum products, in line with evolving global standards.
Ojulari, speaking shortly after the signing ceremony, described the agreement as the outcome of more than six months of intensive technical and commercial engagements between NNPC and the Chinese firms.
He said, “All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success.”
The NNPC boss stressed that the MoU represents a transition from traditional contractor-led rehabilitation to a more performance-driven partnership model anchored on shared risks and returns.
He added, “This is an important step on the journey towards identifying potential technical equity partner or partners to restart and expand NNPC’s refineries, and to explore opportunities in co-located petrochemicals and gas-based industries.”
The shift to a technical equity model signals a strategic departure from past refinery turnaround maintenance programmes, many of which failed to deliver lasting results despite significant financial outlays.
Under the proposed framework, the Chinese partners are expected to bring not just engineering expertise, but also operational discipline and investment capacity, aligning their returns with the performance of the refineries.The scope of the collaboration, as outlined by NNPC, includes the development of co-located gas-based industrial hubs, which could transform the Port Harcourt and Warri complexes into integrated energy and petrochemical centres.
Such hubs are expected to unlock additional value from Nigeria’s vast gas reserves, while supporting domestic manufacturing and export-oriented industries.
The company noted that while the MoU reflects a shared intention to advance discussions in good faith, any binding agreements would be subject to regulatory approvals and the conclusion of detailed commercial negotiations.
The latest deal aligns with Ojulari’s earlier position at the Nigeria International Energy Summit 2026, where he openly canvassed for global technical partners to take equity positions in Nigeria’s refining assets.
At the summit, Ojulari had argued that Nigeria’s refining challenges were not just financial, but deeply technical and operational, requiring experienced partners with proven track records.
He said, “What we are doing differently is moving away from just funding projects to bringing in partners who have skin in the game, partners who will operate, optimise, and guarantee performance.”
He further explained that the technical equity model would ensure accountability and efficiency, as partners would only profit when the refineries perform optimally.
He stated, “The days of spending billions on rehabilitation without sustainable output are behind us. We are now focused on partnerships that deliver value, technology transfer, and operational excellence.”
Ojulari also highlighted the importance of integrating refining with petrochemicals and gas-based industries, noting that modern refineries globally are designed as energy hubs rather than standalone fuel-processing plants.
Refineries must evolve into integrated industrial platforms. That is where the future lies, petrochemicals, fertilizers, gas monetisation. That is how you create real economic value,” he said.
Nigeria’s state-owned refineries, located in Port Harcourt, Warri, and Kaduna, have suffered decades of underperformance, frequent shutdowns, and failed rehabilitation efforts, forcing the country to rely heavily on imported petroleum products.
Despite multiple turnaround maintenance projects, the facilities have consistently operated far below capacity, raising concerns over efficiency, transparency, and value for money.
The current administration has prioritised refinery revival as part of its broader energy security strategy, while also supporting private sector investments such as the Dangote Refinery.
The NNPC’s renewed push for technical equity partners comes amid growing pressure to reduce fuel import dependence, stabilise domestic supply, and conserve foreign exchange.
With this latest China deal, the national oil company appears to be betting on a new partnership model, one that ties investment returns directly to performance, in a bid to finally unlock the long-elusive potential of Nigeria’s refining sector.
Fresh pressure is building in Nigeria’s fuel market after Dangote Refinery raised the price of petrol and halted supply operations.
The development has triggered concerns among marketers and consumers, as the impact is expected to ripple across the country in the coming days.
The refinery increased its ex-depot price of Premium Motor Spirit by N75 per litre. This pushed the loading cost from N1,200 per litre to N1,275 per litre.
Coastal supply price was also adjusted upward to N1,215 per litre. The new pricing structure has already begun to influence activities in the downstream sector.
A senior official at the facility confirmed the adjustment. According to the official, “Yes, the increase of PMS to N1,275 per litre is true. Coastal price is N1,215.”
The confirmation puts to rest earlier uncertainty among marketers who had reported sudden changes in depot pricing.
At the same time, operations were disrupted after the refinery suspended its Proforma Invoice process. This system is critical for product allocation and loading schedules.
Sources familiar with the situation said the process was halted at about 4:00 pm on Tuesday. The decision affected the normal flow of transactions within the loading system.
The disruption immediately led to a pause in the sale of petrol and Automotive Gas Oil. Trucks waiting for loading were reportedly left stranded, while marketers struggled to secure fresh allocations. The halt in supply has created anxiety across distribution channels.
Nigeria’s credit sector has, in the space of just a few years, moved from a niche fintech offering to a mainstream financial tool used by millions.
A major driver of this surge is mostly limited access to traditional bank loans, and the speed at which digital platforms can deliver cash when it is needed most.
By mid-2025, the market will have expanded sharply, with approved digital lenders rising to about 425 as of May 2025, up from 320 a year earlier.
According to a 2024 report based on a five-year historical analysis, Nigeria’s online loan & credit platforms market is valued at approximately $600 million.
According to the report, recent market estimates indicate that Nigerian digital lending apps issued about 145 million loans worth over $2 billion in a recent year, reflecting the sector’s scale and consumer appetite for digital credit solutions
However, the speed and accessibility of digital loans have also created a crowded and uneven market, where hundreds of platforms compete with different pricing models, especially around one key factor that directly affects borrowers: interest rates.
Based on the list of approved digital lending platforms by the Federal Competition and Consumer Protection Commission (FCCPC), this article ranks apps that offer monthly interest rates below 3%.
Here are 10 loan apps with the lowest interest rates in Q1 2026
10. Renmoney – 2.12% to 2.65% monthly interest rate
9. Nmoney – 2.4% monthly interest rate
8. Singacash – 2.4% monthly interest rate
7. Ease Cash – 2.1% monthly interest rate
6. Letshego – from 2% monthly interest rate
5. Futurecash –1.5% to 2.7% monthly interest rate
4. Flash Loan – 1.8% to 2.7% monthly interest rate
3. Airmoni – 1.5% monthly interest rate
2. True Loan –1.2%–2.7% daily interest rate
1. NiNiMoney – 0.3% monthly interest rate
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