Business
Oando Plc Records 45% Revenue Surge, Hits N4.1tn In 2024
Oando Plc has announced a 45% increase in revenue, reaching N4.1 trillion at the end of 2024, up from N2.9 trillion recorded in the previous year.
The energy company disclosed this in its Unaudited Interim Consolidated and Separate Financial Statements, filed with the Nigerian Exchange Limited (NGX) on Friday.
The impressive growth was fueled by Oando’s acquisition of a 20% stake in the Nigerian Agip Oil Company (NAOC) Joint Venture, which boosted its average oil production to 23,911 barrels of oil equivalent per day (boe/d), up from 23,258 boe/d in 2023.
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The company, listed on both the NGX and the Johannesburg Stock Exchange (JSE), also recorded a profit after tax of N65.5 billion for the year.
Oando invested $18.1 million in capital expenditures for the development of oil and gas assets, exploration, and evaluation activities, down from $52.3 million spent in 2023.
Speaking on the company’s performance, Group Chief Executive Wale Tinubu described 2024 as a “year of transformation,” emphasizing the impact of the NAOC acquisition.
“2024 was a year of transformation for Oando, the key highlight being our successful acquisition and subsequent integration of NAOC Ltd, which significantly enhanced our production capacity, attaining peak operated production of 103,206 boepd and net entitlements of 45,000 boepd.
“Despite a challenging operating environment, we achieved a 45% increase in revenue to N4.1tn, reflecting the strength of our business model, and a 9% rise in profit after tax to N65.5bn, notwithstanding the costs associated with the onboarding of NAOC,” Tinubu said.
Looking ahead to 2025, Tinubu outlined the company’s priorities, which include cost optimization, operational efficiency, streamlining processes, enhancing procurement, and leveraging technology to improve productivity.
“In 2025, our priority shall be to drive cost optimisation, operational efficiency, streamline processes, enhance procurement, and leverage technology to improve productivity across our operations.
“In parallel, we will intensify efforts to boost production through the dual approach of rig-less and workover initiatives while executing an aggressive drilling program across three rig lines.
“Simultaneously, in collaboration with other stakeholders, we are proactively tackling above-ground security challenges by implementing a revamped security framework that integrates advanced surveillance technology and intelligence-driven initiatives to curb the perennial, unnecessary, and unjustifiable theft of oil to ensure the long-term integrity of our vast network.
“As we look ahead to an exciting and successful 2025, we recognize that achieving our goals requires the unwavering support of our host communities and partners.
“Through extensive engagement, we will foster a collaborative ecosystem that not only secures our operations but also drives shared prosperity and sustainable development for all.”
With this report, Oando Plc has now fulfilled its financial reporting requirements for both the NGX and JSE, reaffirming its position as a leading energy company in Nigeria.
The Nigerian Exchange Group Plc (NGX Group), in collaboration with Central Securities Clearing System Plc (CSCS), and other stakeholders hosted a high-impact symposium to mark International Women’s Day 2025.
Held under the theme “Accelerate Action for all Women: Rights, Equality, and Empowerment,” the event rallied stakeholders to drive gender inclusivity in Nigeria’s economy.
Minister of Arts, Culture, Tourism, and Creative Economy, Hon Hannatu Musa Musawa, delivered the keynote, stressing the economic and social imperative of women’s empowerment. “Investments in education, vocational training, and capital access are crucial for sustainable growth,” she stated.
On his part, Group Chairman of NGX Group, Umaru Kwairanga, reaffirmed the group’s commitment to gender diversity. “We are taking deliberate steps to ensure fairness and empowerment for women, enabling them to contribute significantly to Nigeria’s economic growth,” he said.
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In the same vein, Director General of Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, called for reforms to boost women’s participation in capital markets.
“We must push for policies that encourage female representation in leadership and governance. This is a collective responsibility,” he urged.
In his contribution, Group Managing Director and CEO of NGX Group and Chairman of CSCS, Temi Popoola, emphasized the urgency of the symposium’s theme, “Accelerate Action.”
“We remain steadfast in our commitment to creating opportunities that empower women in business, finance, and leadership. Our goal is to build an ecosystem where women not only thrive but also inspire the next generation of leaders,” he remarked.
The event featured a panel of accomplished female leaders, including Chalya Shagaya, Hilda Baci, Pai Gamde, Adesuwa Okunbo Rhodes, Kari Tukur, Odiri Oginni, Solape Akinpelu, and Adaorie Udechukwu, who shared strategies for breaking barriers and fostering women’s economic empowerment. Professor Folasade Ogunsola, Vice Chancellor of the University of Lagos, emphasized the role of education and mentorship in bridging gender gaps.
The NGX Group hosted the Ring the Bell for Gender Equality ceremony, a global initiative promoted by IFC, UN Global Compact, UN SSEI, UN Women, and the World Federation of Exchanges (WFE). The ceremony honoured women’s contributions to Nigeria’s capital markets and reinforced NGX Group’s commitment to inclusivity.
The event, attended by veteran actress Joke Silva and female directors from NGX Group, Ojinika Olaghere, Lilian Olubi, Ummahani Ahmad Amin, Amina Mohammed as well as SEC Commissioner, Frana Chukwuogor, called for accelerated action to empower women across all sectors.
The symposium and the closing gong ceremony reinforced NGX Group’s role in driving gender equality and economic growth. As Honourable Hannatu Musa Musawa aptly stated, “The time for rhetoric is over. It is time for action.”
The Chartered Institute of Taxation of Nigeria (CITN) has described the Federal Government’s ongoing tax reform as a step in the right direction, saying it will enhance the country’s tax administration and revenue generation.
CITN President, Mr. Samuel Agbeluyi, made this known while addressing journalists in Jos on Friday during the institute’s first Council Meeting of 2025.
Aguilar emphasized that the proposed tax bill, if passed into law, would bring much-needed order to Nigeria’s taxation system.
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“As an institute, we are happy about the ongoing dialogue on the new tax bills. If these bills are passed into law, they will improve the system,” he said.
He dismissed concerns that the reform would lead to increased taxes, clarifying that it is designed to streamline taxation practices rather than impose additional financial burdens on Nigerians.
“The reform will improve the nation’s revenue. I’m not talking about increased taxes for Nigerians, but the sanity the reform will bring into the practice and administration of taxation in the country,” Agbeluyi explained.
Acknowledging that no tax policy is perfect, he noted that the proposed tax document could be reviewed and amended when necessary.
He urged Nigerians to support the initiative, describing it as a “good omen” for the country.
The CITN president further stated that the council meeting in Jos would provide a platform for members to deliberate on critical tax-related issues and explore ways to strengthen Nigeria’s tax system.
Nigeria’s foremost Pan-African conglomerate, Dangote Industries Limited, (the Dangote Group) has disclosed that it paid over N402 billion in taxes in 2024, making it the highest taxpayer in Nigeria.
Dangote’s Chief Branding and Communication Officer, Anthony Chiejina, declared that the DIL and its subsidiaries, namely, Dangote Cement, NASCON, Dangote Packaging Limited, among others, remitted a total of N402.319 billion for the out-gone year as taxes as responsible business enterprises.
Recall that Federal Inland Revenue Service (FIRS) had in late 2024 recognised DIL and its subsidiary, Bluestar Shipping as the most tax compliant organizations in the country during its Special Day at the 2024 Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI).
The FIRS is Nigeria’s agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria (FGN).
Chiejina told the media that as a responsible business, the DIL and its subsidiaries have never shied away from its obligations either to the government in the form of tax payment at all levels or to host communities in the form of Corporate Social Responsibility (CSR).
According to him, the Group’s corporate strategy has evolved just as its businesses have grown, matured and diversified into new sectors and regions over the last four decades, noting that Dangote Group has almost single-handedly taken Nigeria to self-sufficiency in cement and refined petroleum products and is expanding rapidly across Africa.
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The Dangote Group and its and its subsidiaries, were recognised as number one most compliant in tax payment in the country, just as its subsidiary Dangote Cement, the country’s leading cement manufacturer, at another occasion won three awards at the FMDQ Gold Awards in Lagos as the most active business in the Foreign Exchange market.
In a related development, the Dangote Cement Plc was adjudged as the Largest Commercial Paper Quotation on FMDQ and Single Largest Corporate Debt Issue on FMDQ. Also, Dangote Industries Ltd also emerged as the “Most active corporate in the foreign exchange market”.
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