Wale Tinubu’s Oando reports $145 million 9-month profit

Oando Plc, one of Nigeria’s largest oil companies led by Wale Tinubu, posted a strong financial performance in the first nine months of its 2025 fiscal year with profit rising to $145 million even as revenue declined.

The company’s interim financial report for the nine months ending Sept. 30, 2025, showed profit after tax jumped 164 percent from N76 billion ($52.4 million) in the same period last year to N210 billion ($145 million) in 2025, driven by higher production volumes and recoveries from previous operations.

Finance income also contributed significantly totaling N368.7 billion ($254.3 million) during the period. This came despite a 20 percent year-on-year decline in revenue, from N3.19 trillion ($2.2 billion) in 2024 to N2.54 trillion ($1.75 billion) in 2025 due to lower gasoline imports.

Oando boosts production post-NAOC acquisition

Operationally, Oando consolidated gains following last year’s acquisition of NAOC assets. Production averaged 38,121 barrels of oil equivalent per day (boepd) in the nine-month period, a 59 percent increase from 2024, supported by improved uptime and the successful revamp of the NGL processing plant, which operated at 82 percent across the company’s assets.

Oando traded 21 crude oil cargoes (19.8 million barrels) up from 15 cargoes (16.7 million barrels) in 2024, reflecting stronger execution and stable supply chains. The company paused trading of petroleum motor spirit (PMS) cargos, finally moving away from lower-margin products toward higher-margin crude and gas opportunities.

Wale Tinubu, Group CEO, said: “In the first nine months of 2025, we consolidated the gains achieved following our acquisition of NAOC’s assets last year. Our assumption of operatorship has been transformational, granting us the agility to act decisively and execute with precision in driving production growth and operational efficiency.”

He added: “Production uptime currently stands at 82%, translating to a 59% year-on-year increase in crude oil and gas production, which now averages 38,121boepd, clear evidence of the beginning of the dawn of unlocking the tremendous value our reserves possess.””

Oando expands assets to $4.67 billion

Listed on the Nigerian Exchange and Johannesburg Stock Exchange, Oando operates across upstream exploration, midstream trading, and renewable energy. Through its joint venture Ocean and Oil Development Partners, Tinubu controls about 66.7 percent of the company.

Oando’s total assets grew from N6.43 trillion ($4.43 billion) at the end of 2024 to N6.77 trillion ($4.67 billion) in September 2025. The company also narrowed retained losses from N292.5 billion ($201.7 million) to N88 billion ($60.7 million) while accumulated reserves from N215.8 billion ($148.8 million) to N262.7 billion ($180.7 million).