Success Nwogu 
Oando Plc, one of Nigeria’s leading indigenous energy companies, has reported a profit after tax of N220 billion for the 2024 financial year, marking a 267 percent increase from N60 billion in 2023.
The impressive growth followed the company’s acquisition of the Nigerian Agip Oil Company (NAOC), formerly a subsidiary of Italian energy giant Eni. The transaction was finalised on August 22, 2024.
In addition to the profit surge, Oando also announced a $550 million crude prepayment contribution to the Nigerian National Petroleum Company Limited’s (NNPC Ltd) Project Gazelle.
These developments were disclosed in the company’s audited financial results for the year ended December 31, 2024, released on Wednesday.
Oando Group Chief Executive, Wale Tinubu, described 2024 as a defining year for the company.
“2024 was a defining year for Oando, with the successful acquisition and integration of NAOC marking the culmination of a decade-long strategic growth journey,” he said.
“This has significantly deepened our upstream portfolio, doubling our working interest in the OML 60–63 assets and increasing our 2P reserves from 500 million to 1 billion barrels of oil equivalent.
“We delivered a 44 percent revenue increase to N4.1 trillion and a 267 percent rise in profit after tax to N220 billion, occasioned by the intrinsic value of the NAOC acquisition and underscoring the resilience of our business model. We achieved innovative success in our global trading operations whilst expanding our clean energy initiatives.”
The acquisition of NAOC enhanced Oando’s stake in Oil Mining Licenses (OMLs) 60 to 63, raising its working interest from 20 percent to 40 percent and granting it operatorship of the assets.
The report further revealed that Oando’s reserves grew by 95 percent from 505 million barrels of oil equivalent in 2023 to 983 million barrels in 2024.
According to the financial statement, the company’s revenue rose by 44 percent to N4.1 trillion in 2024.
