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Oando Reports Strong Q1 2025 Start

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Oando Reports Strong Q1 2025 Start

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

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

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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.

 

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Fuel Scarcity: Petrol Price Rises Above N1,500 As Marketers Shut Filling Stations To Support Strike

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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.

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What God Showed Me About NNPC GMG Ojulari -Primate Ayodele Reveals

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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.

Saboteurs Hinder Transformation, Says NNPCL Management

“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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