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Nigeria: Oando Announces Revenue Growth to ₦933b in Q1 2025 Financial Report

  • Oando Plc acquired Nigerian Agip Oil Company from Eni for $783 million, completing the deal on August 22, 2024.
  • This acquisition followed a decade-long strategic growth plan aimed at expanding Oando’s upstream portfolio and operational capacity.
  • The addition of Nigerian Agip Oil Company contributed about four months of output, helping to boost average daily production by 3% year-over-year to nearly 24,000 barrels of oil equivalent.
  • Oando’s full-year 2024 revenue rose 44% to N4.1 trillion, with profit after tax jumping 267% to N220 billion, driven by crude oil sales and a N784.8 billion bargain purchase gain.
  • The acquisition boosted Oando’s reserves by 95% to 983 million boe and supports a 2025 production target of 30,000 to 40,000 boepd, signaling strong growth and operational focus.
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Investors King broke the news in on Wednesday, June 4, 2025.
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