Business

Oando Reports Strong Q1 2025 Start

Published

7 months ago

June 26, 2025

Oando Plc has released its unaudited results for the three months (Q1) ended March 31, 2025. Ahead of the Q1’25 scorecard, the company’s shares have seen remarkable rally on investors renewed interest. The N68.75 which the stock closed on Wednesday shows it has risen this year by 4.17 percent.

Wale Tinubu, Group Chief Executive, Oando Plc said the “Q1 2025 marked a strong start to the year for us, with a 72 percent year-on-year (YoY) increase in production volumes as a result of the successful integration of the NAOC assets into our portfolio, improved asset reliability and the reactivation of shut-in wells, reflecting early wins from our focus on operational efficiency and disciplined execution”.

“Beyond Nigeria, we have expanded our regional presence with our entry into Angola’s Kwanza Basin marking a major milestone in scaling our upstream footprint across Africa. Similarly, being named preferred bidder for the Guaracara Refinery in Trinidad and Tobago demonstrates the strength of our integrated business model, our growing role in the Afro-Caribbean landscape, and a reflection of our evolution into a more geographically diversified energy company”, he noted.

Oando Plc is Africa’s leading indigenous energy solutions provider listed on the Nigerian Exchange (NGX) and the Johannesburg Stock Exchange (JSE). Oando operates across the entire energy value chain, encompassing upstream exploration and production, trading and renewable energy initiatives.

“Following a transformative 2024, our priority is to maximize the value of our expanded upstream portfolio through targeted infrastructure upgrades, rig-less well interventions and an extensive drilling programme in the second half of the year.

“These activities are now enabled by the working capital we have secured, giving us financial flexibility to accelerate execution. We are also taking decisive action to restructure our balance sheet towards restoring financial resilience,” Tinubu noted further.

He added, “With a full-year contribution from the NAOC assets, a more diversified trading operations and an optimized balance sheet, we are confident in our ability to generate stronger cash flows, reduce leverage, and deliver sustainable value to our shareholders.”

Read also: Here’s how to bridge Nigeria’s investment gap, unlock trillions

The performance highlights in Q1…

The company’s revenue grew by 2 percent year-on-year to N933 billion (Q1 2024: N915 billion), supported by higher upstream volumes and FX revaluation gains. Gross profit increased by 172 percent to N85 billion (Q1 2024: N31 billion), reflecting stronger E&P margins.

Capital expenditure rose to N45 billion (Q1 2024: N9 billion), driven by asset integration and production optimisation initiatives following the NAOC acquisition.

Pursuant to shareholder approval, the Board approved the distribution of 1.28 billion ordinary shares, reinforcing value return commitments.

Through its subsidiaries, Oando Energy Resources and Oando Trading, the Company holds interests in onshore and offshore oil and gas assets and maintains a significant presence in the global energy trading market.

Exploration and production

Oando achieved average daily production of 37,595 boepd (within guidance), up 72 percent year-on-year, driven by the full consolidation of NAOC assets and well reactivations. Crude oil production rose 132 percent to 11,369 bopd, gas volumes grew 56 percent to 25,185 boepd, and NGL production increased 30 percent to 1,040 bpd.

Oando recorded zero lost-time injuries (LTIs) and 12.3 million LTI-free hours, underscoring continued HSE excellence. It was awarded operatorship of Block KON 13 in Angola, marking a strategic entry into the Kwanza Basin and expanding Oando’s African upstream footprint.

Trading

6 crude oil cargos (5.96 MMbbl) traded in Q1 2025, up from 4 cargos (4.86MMbbl) in Q1 2024, driven by stronger offtake execution. No PMS cargos traded in Q1 2025 (Q1 2024: 4 cargos), reflecting lower market demand post-subsidy removal and increased local refinery supply. Increased crude volumes partially offset reduced PMS activity, with new pre-financing structures advancing to support future growth. Selected as preferred bidder for the Guaracara Refinery in Trinidad & Tobago, establishing a strategic foothold in the Caribbean downstream market.

Read also: Oando, Dangote Sugar, CWG stocks push market higher by 1.22%

Clean Energy

Achieved 53,941 EV rides in Q1 and 42,779 kg of CO₂ emissions averted through 2 operational e-buses under the electric mobility programme.

Advanced development of a 1.2GW solar PV module assembly plant, with land secured and financial modelling completed.

Progressed PET recycling facility with land acquisition finalised and revised contracting strategy in place for a 2,750 tons/month plant.

Re-evaluated waste-to-energy project with BGE due to capital cost considerations; feasibility review ongoing.

Completed techno-economic study for a 6MW geothermal pilot, continued engagements with key partners.

Published Nigeria’s National Wind Resource Capacity Report, identifying state-level wind potential across the country.

Mining and Infrastructure

Advanced partnerships on bitumen and lithium development; sample testing confirmed resource viability.

Launched early-stage assessments for gold and tin assets, supporting long-term diversification into base metals.

Focused on de-risking and progressing assets with near-term production potential while securing strategic funding and technical partners.

2025 Outlook

Oando’s target full-year production of 30–40 kboepd was maintained, driven by a balanced capital programme of 3 new wells, 9 workovers, and 6 rig-less interventions

Projected capex of $250–270 million focused on drilling, infrastructure, and ESG projects, with a 20 percent cost reduction goal

Trading guidance of 25 – 35 MMbbl crude oil; 750,000 – 1,000,000 MT refined products

50 electric buses to be deployed in 2025; progress solar PV module assembly plant toward FID.

Executing capital restructure and liquidity optimisation to improve financial resilience and returns.

Businessday.ng

Business

Black Market Naira To Dollar Exchange Rate Today 12th January 2026

Published

1 hour ago

January 12, 2026

The Daily Voice

What is the Dollar to Naira Exchange rate at the black market, also known as the parallel market (Aboki fx)?

You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1490 and sell at N1505 on Sunday, 11th January 2026 according to sources at Bureau De Change (BDC).

Black Market Exchange Rate Today 12th January, 2026
Buying Rate N1485
Selling Rate N1500

The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) which rate we have given above; is a topic of high constant interest for people who are Nigerian and businesses and policymakers in Nigeria.

This rate of dollars to naira exchange rate influences not only the cost of imported goods but also the cost of travel, international education, and even local prices of certain commodities.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Business

BREAKING: Petrol Depot Owners Crash Prices To Cheapest; Details Emerge

Published

17 hours ago

January 11, 2026

The Daily Voice

Petrol prices at Nigerian depots have dropped to their lowest levels in months as intense competition grips the downstream market, following the apparent collapse of the fuel supply agreement between the Dangote Petroleum Refinery and independent marketers.

Fresh findings show that depot owners have slashed ex-depot prices to as low as N710 per litre, a sharp reversal from the steep hikes recorded just weeks earlier.,

In the first week of January 2026, depot owners sharply increased gantry prices after reports emerged that the Dangote Refinery had shut down its petrol production unit for maintenance.

Although the refinery denied the reports, the speculation was enough to jolt the market.

Depot prices surged, and the increases quickly filtered through to filling stations nationwide.

Independent marketers raised gantry prices from around N720 per litre to over N800 per litre, with analysts noting that depot operators were exploiting uncertainty surrounding Africa’s largest refinery.

Depot owners reverse course as competition intensifies
The price spike, however, has proven short-lived.

Checks reveal that depot owners have now reversed course, cutting prices aggressively to stay competitive with Dangote Refinery’s pricing structure, especially as fresh fuel imports enter the Nigerian market.

Data from PetroleumPriceNG shows that several major depots reduced prices significantly in recent days.

As of Sunday, January 11, 2026, ShellPlux sold petrol at N710 per litre, MAO at N715, while A.Y.M.

Falling crude oil prices add more pressure
Energy experts say global oil market dynamics are also contributing to the decline in local petrol prices.

“Crude oil is currently trading between $50 and $60 per barrel in the international market,” energy policy analyst Adeola Yusuf told Legit.ng.

According to him, ongoing geopolitical tensions involving Venezuela and Iran have pushed crude prices lower, with direct implications for refined fuel costs.

“Crude oil is often used as a political tool and is highly sensitive to geopolitical developments. When prices drop, refined product prices usually follow, especially in domestic markets,” Yusuf explained.

Business

Good News: Cooking Gas Prices Drop As LPG Supply Improves Across Nigeria

Published

4 days ago

January 8, 2026

The Daily Voice

Prices of liquefied petroleum gas (LPG), commonly known as cooking gas, are crashing in several parts of the country as retailers report improved supplies.

According to a market survey by PUNCH, retailers and consumers confirmed that prices have dropped and the product has become more available across the country.

This development follows months of scarcity, which led to a nationwide hike in prices. The scarcity peaked in September 2025.

Consumers in Lagos, Ogun, Oyo and other states confirmed that they purchased cooking gas within the N1,050 to N1,400 range. Some major marketers were also reported to be selling directly to consumers at around N900 per kilogramme.

For many households, the current prices represent a significant improvement from the sharp increases recorded last year, when LPG prices surged after a dispute involving the Dangote refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) led to the shutdown of some gas facilities.

Despite the improvement, several consumers said they were hopeful that prices would fall below N1,000 per kilogramme in the new year, arguing that lower costs are critical to promoting clean cooking and reducing reliance on firewood and kerosene.

Speaking on the situation, the National Chairman of the Liquefied Petroleum Gas Retailers branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Ayobami Olarinoye, said the LPG market had become relatively stable, with increased supply reaching Lagos.

According to Olarinoye, some off-takers are now receiving gas in Apapa, Lagos, helping to ease availability challenges experienced in previous months.

He explained that retail prices at street-level outlets currently range between N1,300 and N1,400 per kilogramme, noting that costs vary based on neighbourhoods, transportation and logistics.

Olarinoye added that prices could be lower at filling stations and gas plants, where operational and distribution costs are reduced.

He further disclosed that retailers currently purchase LPG from major marketers at prices between N960 and N1,050 per kilogram, depending on the supplier. According to the NUPENG official, sellers offering LPG below N1,000 per kilogramme are typically major dealers who own their own plants and sell directly to end users and do not distribute to retailers.