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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Nigeria is set to resume the issuance of petrol and diesel import permits as early as mid-February 2026, a move that could reshape supply dynamics in the downstream market and pose fresh challenges for the Dangote Refinery.
Industry sources say approvals by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) may begin later this month or, at the latest, early March.
If implemented, this would mark the first batch of import licences for 2026, following a temporary regulatory pause aimed at restricting imports to volumes needed only to cover gaps in domestic refining output.
The decision signals government concern about a potential tightening of fuel supply amid shifting market conditions.
According to a ThisDay repport, sources quoted by Argus linked the delay in issuing permits to leadership changes at the NMDPRA after the exit of its former chief executive, Farouk Ahmed, in December.
The transition reportedly slowed internal decision-making at the authority during the early weeks of the year.
Traditionally, import permits are issued on a quarterly basis and remain valid for three months.
Issuing licences midway into the first quarter has raised questions among market participants about how the existing framework will be applied and whether approvals will be prorated.
Market pressure has also intensified following a drop in crude deliveries to the Dangote Refinery. . Receipts reportedly fell to around 250,000 barrels per day in January, down from roughly 350,000 barrels per day in December, the lowest level in about 16 months.
The decline points to lower run rates at the refinery’s crude distillation unit and increases the likelihood of refined product shortfalls.
Earlier reports indicated maintenance activities on key processing units, including the residue fluid catalytic cracking unit that produces petrol.
Although petrol demand eased during the Christmas and early January holidays, traders say tighter local supply and rising refinery asking prices have renewed interest in imported cargoes.
Petrol asking prices climbed by about 14 per cent to N799 per litre by late January, after falling to around N699 per litre in December. The rebound has made imported fuel more competitive in recent trading sessions.
Market participants believe new import permits would allow marketers to supplement domestic supply while regulators continue to prioritise local refining. However, increased imports could dilute Dangote Refinery’s growing dominance in the downstream market.
Amid the shifting landscape, the Dangote Refinery has warned that petrol pump prices could approach N1,000 per litre if marketers increasingly rely on coastal transportation rather than gantry loading for fuel evacuation.
In a statement, the refinery said coastal logistics can add about N75 per litre to petrol costs due to port charges, maritime levies and vessel-related expenses.
With Nigeria’s daily consumption estimated at 50 million litres of petrol and 14 million litres of diesel, the extra cost could translate into an annual burden of roughly N1.75 trillion if passed on to consumers.
The company stressed that gantry loading remains the most cost-efficient option and that marketers are free to choose their preferred evacuation method. It cautioned, however, that widespread reliance on coastal shipping would undermine recent price relief achieved through domestic refining.
Petrol and cooking gas prices declined year-on-year in December 2025, signalling a gradual easing of household energy costs, according to separate reports released by the National Bureau of Statistics (NBS).
Naija News reports that data from the bureau showed that both Liquefied Petroleum Gas (LPG), commonly used for cooking, and Premium Motor Spirit (PMS), also known as petrol, recorded notable price reductions compared with December 2024, alongside modest month-on-month declines.
The NBS noted that while the downward trend was observed across most states and geopolitical zones, prices continued to vary widely depending on location.
5kg Of Cooking Gas Price Drops By 25%
According to the report, the average price for refilling a 5kg cylinder of LPG declined by 1.20 per cent month-on-month, falling from ₦5,425.78 in November 2025 to ₦5,360.43 in December 2025.
On a year-on-year basis, the price fell sharply by 25.31 per cent, down from ₦7,177.27 recorded in December 2024.
Confirming the trend, the NBS stated, “The average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) decreased by 1.20 per cent on a month-on-month basis,” adding that the year-on-year decline stood at 25.31 per cent.”
A state-level analysis showed that Kaduna recorded the highest average price for refilling a 5kg cylinder at ₦5,838.66, followed by Jigawa at ₦5,825.09 and Osun at ₦5,777.80.
On the lower end, Katsina recorded the cheapest average price at ₦4,855.80.
Similarly, the average retail price for refilling a 12.5kg cylinder of LPG fell by 0.74 per cent month-on-month, declining from ₦13,538.79 in November 2025 to ₦13,438.90 in December 2025.
Year-on-year, the price dropped by 22.20 per cent from ₦17,274.16 recorded in December 2024.
On a state-by-state basis, Abia recorded the highest average price for refilling a 12.5kg cylinder at ₦14,489.96, followed by Osun at ₦14,444.50 and Delta at ₦14,393.17, the bureau said.
Petrol Price Dips To ₦1,048
The NBS also reported a decline in the average retail price of petrol.
According to the report, the average price of Premium Motor Spirit stood at ₦1,048.63 in December 2025, representing an 11.81 per cent decrease compared with ₦1,189.12 recorded in December 2024.
The bureau stated, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for December 2025 was ₦1,048.63.”
On a month-on-month basis, petrol prices declined by 1.20 per cent, down from ₦1,061.35 recorded in November 2025.
Further analysis showed that Kogi State recorded the highest average petrol price at ₦1,104.45, while Oyo State had the lowest at ₦996.55.
Regionally, the North East emerged as the most expensive zone for petrol, while the South West recorded the lowest average prices.
Nigeria’s naira recorded one of its strongest performances in months on Tuesday, January 27, 2026, appreciating sharply against the US dollar at the official foreign exchange window amid improving liquidity and rising confidence in the country’s FX reforms.
The local currency strengthened to around ₦1,400 per dollar at the official market, marking its firmest level since the Central Bank of Nigeria (CBN implemented sweeping FX reforms.
The move signals easing pressure on the naira and renewed optimism among investors and market participants.
According to the CBN’s daily foreign exchange report, the naira closed at ₦1,401.22 per dollar, representing a 1.27 percent appreciation on the day.
Market operators described the move as a reflection of improved dollar supply and stronger participation by banks and other authorised dealers.
Traders said the official window saw increased volumes, with the improved liquidity helping to narrow volatility and reduce speculative demand.
The latest performance reinforces the view that the reforms aimed at unifying exchange rates and improving price discovery are beginning to yield results.
The positive momentum extended to the parallel market, where the naira also posted modest gains.
Channel checks showed the local currency appreciating by about 0.33 per cent to trade around ₦1,476 per dollar. While the gap between the official and parallel rates remains, analysts say the narrowing spread reflects improving confidence across both the regulated and informal segments of the FX market.
According to a report by MarketForces Africa, reduced arbitrage opportunities and stronger supply conditions are helping to stabilise pricing.
The naira’s rally comes against the backdrop of rising external reserves, which have strengthened the CBN’s ability to intervene when necessary and support market liquidity.
Higher reserves are widely viewed as a key confidence signal for foreign investors, particularly portfolio investors who remain sensitive to currency risk.
Market watchers say consistent inflows from export earnings, improved remittance flows, and cautious monetary management have all contributed to the improved outlook for the naira in recent weeks.
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