Oando Plc has released its full-year 2024 financial results, showcasing a strong rebound in earnings and operational performance that signals renewed confidence in Nigeria’s integrated energy sector.
The company posted a profit-after-tax of N74.7 billion, marking a dramatic turnaround from the N81.2 billion loss recorded in FY 2021, the last time it published its audited results.
This return to profitability highlights the company’s strategic discipline, market agility, and resilience amid a volatile global energy landscape.
Turnover surged by 70%, reaching N2.58 trillion from N1.52 trillion in FY 2021. Gross profit also saw a significant increase, climbing to N73.6 billion compared to N30.6 billion previously.
In parallel, Oando’s total assets expanded to N2.65 trillion, reflecting strong financial positioning and renewed investor interest.
According to Group Chief Executive Wale Tinubu, the results validate the company’s transformation strategy. “Our performance reflects the resilience of our business model, the quality of our leadership, and the result of years of transformation,” he noted, attributing much of the growth to a focused strategy on value optimization and improved operational execution.
The FY 2024 gains were further buoyed by favorable crude prices, increased upstream production, and enhanced downstream distribution capabilities across Nigeria and select African markets.
As one of the few indigenous firms operating across the full energy value chain from exploration and production to trading and power, Oando continues to anchor itself as a key player in the sector’s future.
Tinubu also emphasized the company’s long-term vision. “We are entering a new era for Oando, one that balances profitability with sustainability,” he stated, reinforcing the company’s ambitions to lead in Africa’s transition toward more inclusive and diversified energy sources.
Beyond numbers, Oando’s trajectory aligns with the broader national agenda to modernize the energy ecosystem, improve local content, and attract sustainable investment.
The company has reiterated its commitment to deepening its footprint in gas infrastructure, renewables, and energy technology, key pillars in Nigeria’s path toward a resilient, lower-carbon future.
In addition, management has hinted at plans for renewed shareholder engagement and potential dividend considerations in upcoming quarters, offering optimism for both institutional and retail investors.
The restoration of confidence in Oando’s corporate governance and financial reporting, especially after years of regulatory and structural challenges, marks a major milestone in its turnaround story.
With solid fundamentals, an experienced leadership team, and a sharpened strategic focus, Oando Plc is well-positioned to shape the next wave of energy transformation not only in Nigeria but across the continent.
The FY 2024 results signal more than recovery, they represent a renewed commitment to excellence, innovation, and African-led industrial leadership.
