Oando sets June 12 date for delayed 2025 audited results

Oando Plc has set June 12 as the date for releasing its 2025 audited financial statements, ending months of uncertainty over results that were originally due on March 31 and have been delayed by the complexity of integrating systems inherited from its NAOC acquisition.

The announcement was made to the Nigerian Exchange on Thursday. Oando said the board of directors approved the 2025 audited consolidated and separate financial statements on May 29, 2026, and that the results would be made public on June 12.

The delay stemmed from the integration of legacy Enterprise Resource Planning systems following Oando’s August 2024 acquisition of Nigerian Agip Oil Company Limited from Eni for approximately $2.9 billion. The NAOC acquisition nearly doubled Oando’s total reserves from 505.6 million barrels of oil equivalent to over one billion barrels but brought with it complex IT infrastructure that required extensive testing, alignment of accounting policies and harmonisation of reporting frameworks before accurate financial consolidation was possible.

Unaudited figures previously released by Oando showed full-year 2025 revenue of N3.21 trillion against N4.08 trillion in 2024, with pretax profit falling from N383.8 billion to N15.2 billion over the same period. The sharp profit decline reflected the partial-year contribution from NAOC, integration costs and lower oil trading volumes. Despite the weaker headline figures, Oando’s stock has gained over 24 percent year-to-date on the NGX as investors anticipate the June 12 audited release and the group’s Q1 2026 results, which will also be filed alongside the audited statements.

Wale Tinubu’s Oando entered 2026 as Nigeria’s most ambitious indigenous energy company by reserve base, with a production footprint spanning OMLs 60 to 63 in the Niger Delta under full operatorship, alongside the Kwale-Okpai power plants and approximately 1,490 kilometres of pipeline infrastructure. The June 12 results will be the first full-year audited view of what that expanded portfolio actually earns.