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 currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Saturday.
Daily Voice reports that data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,321.2160/1$ on Sunday.
The latest rate is the same as Saturday’s rate of ₦1,321.2160/1$.
At the parallel market (black market), however, the naira closed on Sunday at ₦1,400 to the dollar.
The offers by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates due to transaction margins and prevailing demand and supply conditions.
Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indications of whether the naira can sustain its gains through the month.
Cement prices in Nigeria remain elevated, with a 50kg bag selling for between ₦12,000 and ₦15,000 in many markets, putting further pressure on builders, contractors and Nigerians planning construction projects.
The latest market data shows that although some brands are currently available below the ₦15,000 mark, the industry remains significantly more expensive than it was at the end of 2025 and early 2026.
Recent market quotations show the following indicative prices for a 50kg bag:
Note: prices may vary by location and transportation costs.
These figures are based on a September 1 market report and can vary depending on location, transportation costs, dealer margins and supply conditions.
However, July industry data painted a more expensive picture. CementNet reported retail prices of ₦12,000 to ₦15,000, with Dangote selling for about ₦13,000–₦15,000, BUA at ₦12,000–₦14,500, and HBM Nigeria, formerly Lafarge Africa, at ₦12,000–₦13,500.
The latest figures suggest that cement prices may have eased from the highest quotations seen earlier in the year, but the broader trend remains upward.
In July, The Guardian reported that a 50kg bag typically sold for ₦12,500–₦15,000 across major markets including Lagos, Abuja and Abia.
The Federal Competition and Consumer Protection Commission (FCCPC) also reported that prices had reached between ₦13,000 and ₦15,000 in some locations during the first half of 2026.
This means the current ₦12,000–₦14,000 quotations for several major brands should be viewed as some market-level moderation rather than a broad collapse in cement prices.
Why cement remains high
High energy and transportation costs continue to weigh heavily on the industry. Cement manufacturing requires significant amounts of energy, while moving cement from factories and depots to retail markets adds further costs.
Location is also playing an important role. Buyers in areas farther from production centres can pay substantially more because of haulage and distribution expenses.
The situation is particularly significant because Nigeria has substantial cement production capacity, yet retail prices remain high. The Guardian reported that domestic production exceeds consumption, with surplus output exported to neighbouring countries.
Nigerian civil servants on Grade Level 8 now earn between N1,479,276 and N1,914,514 annually, depending on their step within the scale, following the new minimum wage signed under President Bola Tinubu’s administration.
The figures fall under the Consolidated Public Service Salary Structure (CONPSS), the framework that governs pay across Nigeria’s federal civil service.
CONPSS covers 17 grade levels in total, and a worker’s position within each level is shaped by their qualifications, length of service, and performance record.
Grade Level 8 has 14 steps, with each step representing a progression in earnings. Below is the full breakdown:
The gap between the lowest and highest steps at this level amounts to N435,238, reflecting how significantly length of service can affect take-home pay within a single grade.
Interest in the salary structure has grown since Tinubu’s government approved a new national minimum wage, which triggered a review of earnings across the public sector. Civil servants and job seekers have been keenly examining each grade level to understand what the adjusted structure means in practical terms.
Workers at Grade Level 8 are typically mid-level employees with some years of experience in the civil service. Their earnings sit above the entry-level grades but below the senior cadre, making this level a reference point for many who are planning career progression within the federal workforce.
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