Nigerian oil mogul Wale Tinubu’s Oando reports $1.12 billion in half-year revenue

Oando Plc, one of Nigeria’s top oil and gas companies led by Wale Tinubu, reported half-year revenue of $1.12 billion in 2025. The company also posted a net profit of N63.31 billion ($41.34 million), boosted by a tax credit and a recovery from earlier losses tied to asset impairments.

Although revenue dipped by 15.26 percent compared to the same period last year, reflecting continued swings in the global energy market, Oando’s sustained profit was helped by stronger finance income and the reversal of some earlier write-downs. These developments mark a notable turnaround after a challenging stretch for the company.

Oando profit rises on finance, tax windfall amid revenue dip

The group reported a slight uptick in profit for the first half of 2025, with earnings rising 1.06 percent to N63.31 billion ($41.34 million), compared to N62.65 billion ($40.9 million) in the same period last year. The modest gain was largely supported by a sharp rise in finance income and a significant tax credit.

Finance income jumped to N158.99 billion ($103.82 million), a steep increase from N17.39 billion ($11.36 million) recorded a year earlier. Meanwhile, the group’s income tax credit surged to N209.06 billion ($136.47 million), up from N17.13 billion ($11.18 million) in the first half of 2024.

Still, those improvements weren’t enough to offset deeper challenges on the operational front. The group posted an operating loss of N158.71 billion ($103.62 million), reversing a profit of N121.93 billion ($79.62 million) in the prior-year period. Revenue also declined 15.27 percent to N1.72 trillion ($1.12 billion), down from N2.03 trillion ($1.33 billion), as lower oil trading volumes and weaker crude prices weighed heavily on both its upstream and trading segments.

Oando restructures, strengthens balance sheet for H2 push

Oando made a major move in 2024 when it completed the acquisition of Nigerian Agip Oil Company (NAOC), doubling its stake in oil mining leases 60 through 63 to 40 percent. The deal also gave the company a nearly 95 percent boost in reserves, taking total recoverable volumes to 983 million barrels of oil equivalent.

Building on that momentum, the company spent the first half of 2025 tightening its finances. It struck a multi-party debt resolution and began distributing 1.28 billion shares to shareholders—shares linked to loan repayments from Ocean and Oil Development Partners. The effort reflects a push to return value to investors and give Oando more room to pursue expansion opportunities across West Africa.

Tinubu sharpens focus on 2025 productivity drive
Under Wale Tinubu, Oando has grown into one of Nigeria’s most influential energy companies, with a footprint that cuts across upstream, midstream, and downstream operations. Since its 2003 rebrand from Unipetrol, the company has steadily expanded its reach. Tinubu, through Ocean and Oil Development Partners, holds a controlling 66.67 percent stake—cementing his position at the center of Nigeria’s energy landscape.

Financially, Oando’s balance sheet showed signs of steady improvement. Total assets rose 5.09 percent over the past year, increasing from N6.43 trillion ($4.2 billion) in mid-2024 to N6.76 trillion ($4.41 billion) by June 2025. However, the company is still working to clean up its books. While accumulated losses have narrowed, they remain significant—falling from N292.5 billion ($191.01 million) to N228.33 billion ($149.11 million) year-over-year.

(Billionaires Africa)