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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Business
After Petrol, Dangote Refinery Slashes Cooking Gas Price Lowest In Nigeria [Price Per State Emerges]

Africa’s largest refinery, Dangote Refinery, has slashed the price of liquified natural gas (LPG), also known as cooking gas to the lowest in 2025, a few hours after cutting petrol rate, a move that has sent joy to Nigerian households.
This move came barely 24 hours after the refinery reduced its petrol prices to N820 per litre from N854.
Checks showed Dangote Refinery lowered the cooking gas price, easing hardship for Nigerians.
Checks by Legit on petroleumpriceng’s price data show that the refinery slashed the LPG price to N740 per kg, the lowest among depot operators and cheapest in Nigeria.
The latest price is also the cheapest the refinery has sold cooking gas in 2025 after rates jumped above N1,000 per kilogramme.
Experts have hailed the move as exemplary, urging other operators to follow suit. They also attributed the latest price cut to the declining crude oil prices in the international market.
Where it’s cheapest and costliest
Oyo, Plateau, and Yobe currently offer the lowest 5kg refill costs at ₦7,100, ₦7,200, and ₦7,600, respectively. For the 12.5kg size, Yobe leads with ₦19,000, followed by Niger (₦19,242.48) and Jigawa (₦20,025.94).
At the other extreme, the South-South zone records the highest average: ₦8,871.63 for a 5kg cylinder and ₦22,179.08 for a 12.5kg refill. In contrast, the South-West pays the least regionally—₦7,960.42 and ₦20,402.42, respectively.
A reversal of fortune for Nigerians
This development came after Legit.ng reported that cooking gas prices are on the rise again.
For the fifth straight month, cooking gas prices in Nigeria have risen, tightening the squeeze on household budgets.
According to fresh data from the National Bureau of Statistics (NBS), refilling a 5kg cylinder now costs ₦8,323.95—up 1.92% from May’s ₦8,167.43 and a hefty 19.49% more than in June 2024.
The pain is sharper for larger households. A 12.5kg cylinder refill now costs an average of ₦21,010.56, marking a 1.46% rise from May and a staggering 33.52% jump compared to last year’s ₦15,736.27.
Crude oil prices slump
“International crude oil price is a great factor in setting petroleum product prices globally,” energy analyst and Team Lead at Platforms Africa, Adeola Yusuf, said.
According to him, falling crude prices mean falling petroleum product prices, and vice versa. Findings show that Brent Crude slumped 0.66% on Wednesday, August 13, 2025, to sell at $65.46 per barrel.
WTI fell 0.75% to sell for $62.35 per barrel, while Murban Crude sold for $67.52 per barrel, recording a 0.89% decline.
Why the surge won’t stop
Despite being Africa’s largest oil producer, Nigeria imports much of its cooking gas.
This dependence makes local prices vulnerable to swings in the global market. Disruptions in supply chains, increased global demand, and geopolitical tensions have driven up costs worldwide.
The naira’s persistent weakness worsens the situation, as importers pay more to secure foreign exchange, passing the burden to consumers.
Business
Fuel Scarcity: Petrol Price Rises Above N1,500 As Marketers Shut Filling Stations To Support Strike

A litre of petrol is selling for as high as N1,700 as fuel scarcity has hit residents of Benue state following the petrol tankers’ protest over unfulfilled compensation
Several filling stations are closed, and black market operators have taken advantage of the situation to hike prices
The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.
The state governor has pleaded with the petrol tankers to suspend their strike and return to work.
Petrol Tanker Drivers (PTD) branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is currently on a 3-day warning strike in Benue state.
In solidarity, petrol station owners in the state shut their doors.
The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.
Vanguard reports that desperate motorists and commercial motorcycle operators who have been left stranded are resorting to black market operators who are selling petrol for as high as N1,700 perlitre.
Prices vary depending on the location within the town, with some areas seeing prices at N1,600.
The price is a massive N775 difference when compared to N945 it was sold before the showdown.
According to a member of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Benue State, who was quoted in the report said the strike action was taken following unresolved grievances.
“A few years ago, youths attacked a etrol-laden truck on the Makurdi-Aliade road and siphoned its contents. Promises of ompensation by the former administration were never fulfilled.”
He added that efforts by NUPENG and IPMAN to engage the current administration for redress reportedly met with resistance, prompting the decision for a warning strike.
All fuel station managers were instructed to cease operations during this period. “Heavy penalties of up to N500,000 were threatened for non-compliance, leaving no stations perational.”
Meanwhile, the Benue State Government has urged NUPENG to call off the strike, noting that the strike was uncalled for.
Deborah Aber, the Secretary to the State Government (SSG), stated that the government received a letter from NUPENG requesting payment of over N40 million as compensation for the vandalised PMS tank in 2022.
“In the letter, they were asking for payment for their 45,000 litres of PMS they lost through the activities of vandals in 2022 at Aliade.
“We needed to sit down and look at the whole scenario and how it played out. To us, it seemed like a straightforward case of theft and vandalism, with no government involvement.
“We have held several meetings with them. Surprisingly, we woke up today to find that the stations were locked. The government too is surprised because we are still. t the discussion at table.
“When we received the letter, we wrote to the police and DSS to furnish us with what happened that time.
In the letter they were claiming payment of over N40m for the loss of their goods in 2022.”
NNPC increase petrol prices
The new price follows changes announced by petrol importers and the Dangote Refinery amid the global oil price increase
NNPC Limited retail outlets are now selling nigher rate than the rate offered by Dangote refinery partners.
Business
What God Showed Me About NNPC GMG Ojulari -Primate Ayodele Reveals

Spiritual leader and founder of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has sounded an alarm over impending challenges for a top executive at the Nigerian National Petroleum Company (NNPC), warning that powerful cabals are working behind the scenes to frustrate and destabilize him.
In a recent video prophetic message from 00:02:07, Ayodele revealed that the General Managing Director (GMG) of NNPC is facing spiritual and political sabotage that could lead to serious complications in the months ahead.
“NNPC GMG—the problem has just started,” the cleric declared. “They want to frustrate him. Frustrate him. Because there are cabals that have tied his life.”
Ayodele explained that these internal forces are not just opposing the GMG’s reforms or leadership style, but are spiritually plotting to discredit and dismantle his influence. According to the prophet, these groups are determined to undermine the GMG’s success and force him into conflict and confusion within the organization.
“If he’s not careful, they will create commotion for him,” Ayodele warned. “They are not just fighting his position; they are fighting his peace and his purpose.”
The renowned prophet called on the GMG to be prayerful and spiritually alert, urging him not to rely solely on political loyalty or official power to withstand the coming storm. He emphasized that the battle was more spiritual than administrative.
“This is a time to seek divine protection and guidance,” Ayodele advised. “Those around him are not all loyal. Some are pretending while planning his fall.”
Ayodele’s message adds to growing concerns about internal politics and power struggles within Nigeria’s oil and gas sector, especially as the government pushes for reforms, transparency, and accountability at the NNPC.
Though the cleric did not mention a specific name, his warning has sparked speculation about tensions within the corporation and what steps leadership must take to avoid disruption.
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