Wale Tinubu’s Oando restates 2024 profit at $139 million

Key Points

• Oando’s profit after tax soared 267% to $139.2 million in 2024, boosted by the acquisition of Nigerian Agip Oil Company and stronger upstream operations.
• Revenue climbed 44% year-on-year to $2.6 billion, supported by favorable exchange rate dynamics and a four-month revenue boost from the NAOC acquisition.
• Wale Tinubu said Oando aims to hit 100,000 barrels per day and 1.5 tcf of gas by 2029, with plans to boost productivity via drilling and rig-less interventions.

Oando Plc, one of Nigeria’s leading oil companies, continues to strengthen its position in the energy sector under the leadership of Wale Tinubu, the nephew of Nigerian President Bola Ahmed Tinubu.

The Lagos-based energy group restated its 2024 profit at N220 billion ($139.2 million), a more than threefold increase from the prior year, as the Nigerian energy group reaped gains from its acquisition of Nigerian Agip Oil Company (NAOC).

Oando profit soars on NAOC acquisition

According to the energy group’s audited annual report, profit after tax rose by 266.67 percent—from N60 billion ($37.98 million) in 2023 to N220 billion ($139.17 million) in 2024.

The sharp increase, far exceeding the unaudited figure of N65.5 billion ($43.9 million), underscores how Oando rebounded from cost pressures, capitalized on enhanced production capacity, and unlocked significant value from its NAOC acquisition, reflecting the strength of its business model.

Revenue climbed 44 percent to N4.12 trillion ($2.6 billion) from N2.85 trillion ($1.9 billion) in 2023. This growth was buoyed by a stronger upstream performance, favorable exchange rate translation, and about four months of contribution from NAOC, which Oando acquired for $754 million in August.

Wale Tinubu doubles Oando’s oil reserves

Wale Tinubu, the Group Chief Executive of Oando Plc, described 2024 as a defining year for the company, highlighting the successful acquisition and integration of NAOC as the culmination of a decade-long growth strategy. “This landmark transaction doubled our working interest in OML 60–63 from 20 percent to 40 percent and boosted our 2P reserves from 500 million to 1 billion barrels of oil equivalent,” He said. 

Oando’s 2P reserves rose 95 percent to 983 million boe, while average daily production reached 23,727 boepd, with a year-end exit rate of 36,000 boepd. The company also cut retained losses by N53.8 billion to n452.2 billion.

Tinubu sharpens 2025 agenda around productivity

Under Wale Tinubu, Oando has evolved into a multinational energy player with a presence across upstream, midstream, and downstream sectors. After rebranding from Unipetrol in 2003, Oando expanded its operations and now holds a dominant position in Nigeria’s energy market. Through Ocean and Oil Development Partners (OODP), a joint venture with Omamofe Boyo, Tinubu holds a 66.67 percent stake in Oando, solidifying his influence in the sector.

Oando’s balance sheet also strengthened, with total assets rising 140.43 percent from N2.78 trillion ($1.7 billion) in 2023 to N6.43 trillion ($4.1 billion) in 2024. However, retained earnings reversed sharply, plunging from N74.01 billion ($46.88 million) to an accumulated loss of N215.88 billion ($136.83 million).

Looking ahead, Tinubu said Oando’s 2025 agenda will focus on unlocking post-acquisition synergies, strengthening security, and ramping up oil and gas output. “We aim to hit 100,000 barrels of oil per day and 1.5 trillion cubic feet of gas by 2029,” he said, adding that the strategy includes rig-less interventions, drilling campaigns, cost optimization, and balance sheet restructuring.