Business

Oando Reports Strong Q1 2025 Start

Published

1 year 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

Marketers Slash Cooking Gas Prices, Release New Rates Nationwide

Published

1 day ago

July 18, 2026

The Daily Voice

Liquefied Petroleum Gas (LPG) marketers have slashed depot prices, offering distributors lower wholesale rates and raising expectations that cooking gas refill costs could ease for Nigerian consumers in the weeks ahead.

Fresh market data showed that PPMC recorded the sharpest reduction, cutting its depot price to N1,010/kg, a 0.69%.

Rainoil Lagos followed with reduction, bringing its depot price down to N1,030/kg. NIPCO Lagos held its rate steady at N1,025/kg, data from petroluemprice.ng show.

The only marketer to move in the opposite direction was Matrix Warri, which is N1,100/kg.

The new cooking gas depot prices are:

PPMC: N1,010/kg

NIPCO Lagos: N1,025/kg

Rainoil Lagos: N1,030/kg

Matrix Warri: N1,100/k

Industry sources attributed the downward movement to greater competition among suppliers and improved product availability at the wholesale level.

Business

Breaking: Atiku Reveals Fresh Scandal in Tinubu’s Administration

Published

1 day ago

July 18, 2026

The Daily Voice

Presidential candidate of the African Democratic Congress ADC, Atiku Abubakar, has demanded that the National Assembly (NASS) immediately conduct a comprehensive forensic review of the 2026 Appropriation Act, following revelations of over ₦210 billion in overlapping and duplicated allocations in the budget.

In a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the revelation, coming alongside Nigeria’s poor showing on nearly 90 percent of globally recognised prosperity indicators, exposes the Tinubu administration as one of the most fiscally reckless governments in Nigeria’s democratic history.

“For more than three years, Nigerians have been subjected to relentless hardship. They were told that fuel subsidy removal, exchange rate unification, higher taxes and rising tariffs were bitter pills that would eventually restore economic stability. Yet today, the same government cannot explain how more than ₦210 billion found its way into duplicated and overlapping budget provisions,” he said.

He linked the finding to what he called a growing pattern of questionable budget practices, citing allocations for projects outside agencies’ statutory mandates and insertions running into billions of naira.

The former vice president also cited the Nigerian National Petroleum Corporation NNPC Limited’s audited 2024 financial statements, which he said showed ₦7.13 trillion spent on “Energy Security Expenses” — what NNPC itself identifies as petrol subsidy — despite claims that subsidy had been removed in 2023.

Atiku argued that this fiscal indiscipline is reflected in declining living standards, noting that families are skipping meals, small businesses are shutting down, and graduates cannot find jobs, even as government celebrates selective economic indicators.

He also urged the Auditor-General of the Federation, anti-corruption agencies and civil society organisations to independently scrutinise the budget, identify officials responsible for the duplicated allocations, and ensure all improperly appropriated funds are recovered.

Atiku pledged that an ADC administration would restore credibility to public finance through transparent budgeting, zero-based expenditure planning, digital public expenditure tracking and strict personal accountability for public officers.

“When the owner of the barn invites goats to keep watch over his harvest, he should not be surprised when hunger follows abundance. Nigeria deserves custodians of her commonwealth, not Bourdillon caretakers of waste,” he added.

Business

JUST IN: PenCom DG Reveals New Pension Payment for Retirees After Tinubu’s Reform

Published

3 days ago

July 17, 2026

The Daily Voice

The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has explained how a retired factory worker’s monthly pension increased from N18,000 to N206,000 after the Federal Government carried out pension reforms under President Bola Tinubu’s administration.

The PenCom boss shared the story while speaking on the impact of the reforms, saying the increase reflects the government’s commitment to improving the welfare of retirees.

She said the retiree received a pension alert earlier in the day showing the increased payment.

“Early this morning, somewhere in Nigeria, a retired factory worker checked the alert on his phone. For 21 years, that alert read ₦18,000. This month, as in every single month now, it reads N206,000,” she said.

Oloworaran said the increase was not a gift but the result of the government’s decision to meet its obligations to retired workers.

“He did not win a lottery. He was not given anything he had not already earned. What changed was simple. His country decided to keep its promise,” she added.

According to Oloworaran, the improvement is not limited to one person, as hundreds of thousands of pensioners across the country are benefiting from the reforms.

She credited the progress to President Bola Tinubu’s commitment to workers and vulnerable Nigerians, saying the administration has focused on policies that improve the welfare of retirees.

“Work has been made easy because we have a president that is passionate about the Nigerian people, passionate about vulnerable Nigerians, and doing everything in its power to make sure that it puts more money in the hands of the average Nigerian,” she said.

The PenCom Director-General added that the administration’s record on pension welfare over the past two years reflects the impact of the reforms.

She said, “Today, standing before you with 24 months of evidence, I can say that that case is no longer emerging. It is on the record. Because history is rarely defined by one decision. It is defined by a pattern of decisions.”

FULL DETAILS HERE