Connect with us
Anglostratits

Business

Oando Generates ₦204 Billion Profit and Sees Uplift Across Production and Trading Volumes in Audited FY2025

Published

3 months ago

on

Oando

The Group’s upstream performance was driven by improved facility uptime, enhanced flow assurance, the restoration of previously shut-in wells and targeted infrastructure upgrades across its operated assets

LAGOS, Nigeria, July 10, 2026/APO Group/ –Oando PLC (www.OandoPLC.com), Africa’s leading indigenous energy solutions provider, listed on the Nigerian Exchange Ltd. (NGX) and Johannesburg Stock Exchange (JSE), announced its audited results for the financial year ended 31 December 2025, delivering a 32% increase in average daily production to 32,482 barrels of oil equivalent per day (boepd) and Profit After Tax of ₦204.8 billion. FY2025 marked a transition year for the Group, with the first full-year contribution from the Nigerian Agip Oil Company (NAOC) Joint Venture assets and a shift from acquisition-led growth to operational execution and balance sheet optimisation.

 

Supporting this performance, the Group generated ₦258.3 billion in cash from operations and closed the year with ₦422.9 billion in cash and cash equivalents, up 172% from 2024, while strengthening financial flexibility through the upsizing of its US$375 million Reserve-Based Lending (RBL2) facility.

Operationally, crude trading volumes increased by 24% to 25.7 million barrels, crude oil production rose by 36%, gas production increased by 24%, and Natural Gas Liquids (NGL) production surged by 715% following upgrades to gas processing infrastructure. The Company also successfully completed and brought onstream the Obiafu-44 gas-condensate well, its first operated development well following the assumption of operatorship, while maintaining zero fatalities, zero Lost-Time Injuries (LTIs) and a Total Recordable Incident Rate (TRIR) of 0.05.

Commenting on the results, Group Chief Executive, Oando PLC, Wale Tinubu CON, said: “FY 2025 marked our first full year of operational execution following the acquisition of the NAOC Joint Venture assets and represents an important milestone in Oando’s evolution. Having successfully completed the integration phase, our focus shifted to operatorship, operational excellence, and value realisation across the enlarged portfolio.

FY 2025 marked our first full year of operational execution following the acquisition of the NAOC Joint Venture assets and represents an important milestone in Oando’s evolution

During the year, we strengthened asset integrity, enhanced security across our operating areas, and improved uptime, resulting in a 32% year-on-year increase in production to 32,482 boepd net to Oando. This performance was driven by stronger output across crude oil, gas, and NGLs, improved operational reliability, and the successful stabilisation of our expanded asset base.”

The Group’s upstream performance was driven by improved facility uptime, enhanced flow assurance, the restoration of previously shut-in wells and targeted infrastructure upgrades across its operated assets. In addition to higher crude oil and gas production, the successful revamp of the NGL processing plant increased recovery efficiency and drove a 715% increase in NGL production. The completion and start-up of the Obiafu-44 gas-condensate well further demonstrated Oando’s ability to safely execute complex development programmes following the assumption of operatorship.

The Trading Division increased crude trading volumes by 24% to 25.7 million barrels despite changing domestic market dynamics. The business continued to optimise its portfolio by reducing exposure to premium motor spirit (PMS) imports and increasing participation in higher-margin crude and gas trading opportunities, strengthening commercial resilience while enhancing integration with the Group’s upstream operations.

Oando’s FY2025 performance comes at a defining moment for Nigeria’s indigenous upstream sector, as local energy companies continue to demonstrate their ability to successfully acquire, integrate and optimise assets divested by international oil companies. In FY2025, Seplat Energy reported revenue of US$2.726 billion (₦4.135 trillion) and average production of 131,506 boepd, reflecting the first full-year contribution from its Mobil Producing Nigeria Unlimited (MPNU) acquisition, while Aradel Holdings grew revenue by 20% to ₦699.4 billion, supported by its increased interest in ND Western and Renaissance Africa Energy Company. Together with Oando’s strong FY2025 performance following the first full-year contribution from the NAOC JV assets, these results underscore a new era for Nigeria’s energy industry, one in which indigenous operators are not only acquiring world-class assets but successfully creating long-term value from them.

Speaking on the Company’s outlook, Tinubu added, “With operational control firmly embedded, a strong reserves base, and improving financial flexibility, we are well-positioned to build on the momentum achieved in 2025 and enter 2026 from a position of strength. Our focus remains on executing our development programme, growing production, strengthening cash generation, prudent capital allocation, and delivering sustainable long-term value for our shareholders.”

Oando expects production to increase to between 40,000 and 50,000 boepd in 2026, supported by a focused development programme across OMLs 60–63, continued production optimisation and planned capital expenditure of US$90–100 million. The Trading Division is expected to increase crude trading volumes to between 30 and 35 million barrels while the Company advances its clean energy initiatives, including the deployment of additional electric buses and the expansion of its recycling and gas-to-power projects.

This outlook aligns with broader industry trends. The International Energy Agency projects continued resilience in global investment across natural gas and upstream energy infrastructure as countries prioritise energy security and diversify supply. Backed by an expanded upstream portfolio, strengthened financial flexibility and a disciplined execution strategy, Oando remains well positioned to accelerate growth, unlock greater value across its integrated energy business and advance its ambition of building Africa’s leading integrated energy company.

Distributed by APO Group on behalf of Oando PLC.

 

Related Topics:
Continue Reading
Advertisement

Business

Global advertising spend surges 11.9% to $1.34trn this year despite consumer caution

Published

14 hours ago

on

October 8, 2026

By

WARC

Social media is expected to record the strongest growth up 21.3% to $394.6bn
VOD (15.1%), retail media (14.3%), search (14.2%) and digital OOH (13.7%) are all set for double-digit increases
Technology and electronics (20.7%), travel and transport (19.3%) and automotive (17.8%) to be fastest growing product categories
Ad spend growth in 2027 expected to moderate (8.4%) to $1.46trn

WARC Media Global Ad Spend Forecast Q3 2026 update

8 October 2026 – Global ad spend is forecast to grow 11.9% to $1.34trn in 2026, according to the latest data from WARC Media. This comes on the back of strong 10.0% growth in 2024 and 2025.

 




 
 

Advertising investment continues to grow despite consumer pressure and geopolitical uncertainty, fueled by significant corporate AI investment and major events including the Olympics, FIFA World Cup, and US mid-term elections. While the economy has remained resilient to date, further escalations of global tensions pose potential downside risks.

Suzy Young, Head of WARC Media Data, says: “These are unusual times for advertising. Investment is accelerating even as many consumers face cost-of-living pressures and become more cautious with spending. This apparent contradiction reflects an increasingly uneven economy, where growth – particularly from the AI boom – is benefiting some companies, sectors and consumers more than others.”

Performance priority

Social media, search and retail media are three of the biggest channels for ad investment. Altogether they are expected to account for 66.4% of total global ad spend in 2026, rising to 70.0% in 2028.

Social media is set to register the strongest growth in ad spend this year, up 21.3% to $394.6bn, and is on course to exceed $500bn in 2028. Video on-demand (15.1% to $48.4bn), retail media (14.3% to $202.1bn), search (14.2% to $295.7bn) and digital OOH (13.7% to $21.7bn) will also see double-digit increases this year. Performance channels, which can adapt quickly to changing conditions, continue to benefit as uncertainty becomes the new norm.

Technology and electronics is forecast to be the fastest growing product category this year, rising 20.7% compared with 2025, followed by travel and transport (19.3%) and automotive (17.8%). Social media is expected to account for 40.2% of all tech and electronics spend in 2026.

2027 and 2028 ad spend outlook

Ad spend growth is expected to moderate in 2027, rising 8.4% to $1.46trn, reflecting tougher comparables and a normalisation from the exceptionally strong growth seen in recent years.

In 2028, ad spend will increase by a further 7.9% to $1.57trn – putting the market on course to be 2.3 times larger than it was a decade ago in 2019.

New AI destinations emerge

AI is driving advertising growth from multiple angles. New tech businesses are investing to acquire customers and build brands, while established companies spend heavily to compete in an increasingly crowded market. Simultaneously, AI tools are enhancing targeting, asset creation, and campaign optimisation – boosting ROI and fueling further investment.

AI is also opening new destinations for advertising. As generative search and AI assistants become gateways to product discovery and purchasing, ad dollars will follow – fundamentally reshaping where consumers encounter brands and where advertisers invest.

AI fuels ad triopoly

Alphabet, Amazon and Meta are set to take a combined market share of 59.7% of global ad spend (excluding China) this year – equivalent to $659.6bn. This is predicted to rise to 61.5%, or $804.1bn, in 2028.

Ad spend signals opportunity

Ad spend per capita vries dramatically across global markets. Developed economies like the US ($1395 per capita forecast for 2026), UK ($935), Austria ($850), and Switzerland ($825) show significantly higher advertising intensity, while China ($170), Brazil ($110), and India ($13) combine lower per-capita spending with massive consumer populations – highlighting substantial growth potential as these emerging markets mature.

WARC Media subscribers can read WARC’s global ad spend Q3 2026 update report in full.
 




 

Continue Reading

Business

Investors Back Platinum Credit Uganda: First Tranche Subscribed Nearly 2.5 Times

Published

16 hours ago

on

October 8, 2026

By

The tranche is the first issuance under a UGX 70 billion Medium Term Note programme approved by the Capital Markets Authority (CMA)

KAMPALA, Uganda, October 7, 2026/APO Group/ –Platinum Credit Uganda this week listed its Medium Term Notes on the Uganda Securities Exchange (USE), after investors bid for almost two and a half times the amount on offer in the first tranche.

 




  

Download document: https://apo-opa.co/4rUcD15

Ugandan investors have given Platinum Uganda a strong vote of confidence

The first tranche of the private placement, with a base quantum of UGX 20 billion with a greenshoe option of UGX 10 billion, closed at a subscription rate of 246%, with investors applying for more than UGX 49 billion. Given the strong demand, Platinum Credit exercised the greenshoe option, and UGX 30 billion of notes was accepted. The tranche is the first issuance under a UGX 70 billion Medium Term Note programme approved by the Capital Markets Authority (CMA). The programme also includes a greenshoe option of UGX 30 billion, which takes the full programme to UGX 100 billion.

Investors could choose between three-, five- and eight-year notes, with interest paid quarterly. The notes were issued on 30 September 2026.

The company plans to use the new funding to grow its lending to the individuals and micro, small and medium enterprises (MSMEs) it already serves. At the end of 2025, Platinum Credit Uganda had over 30,000 active clients across Uganda. In the same year, small and medium businesses received more than UGX 71 billion in loans, helping them keep their cash flow steady and their operations running. In 2026, the company aims to put a further UGX 10 billion into Ugandan small businesses, prioritising those led by women and young people, and to expand its lending to smallholder dairy farmers.

Albert Abaasa, Managing Director of Platinum Credit Uganda, said: “We invited bids for UGX 20 billion and investors offered us nearly UGX 50 billion, which allowed us to exercise our greenshoe option and raise UGX 30 billion. That is a clear sign of trust in how we run this business and in where we are taking it. These funds will help us reach more customers across Uganda, and listing on the USE gives investors an opportunity to back a business that is expanding access to finance.”

Brett Sievwright, Chief Executive Officer of Platcorp Group, said: “Ugandan investors have given Platinum Uganda a strong vote of confidence. Raising long-term funding locally, in shillings, means the business can lend in the same currency its customers trade in. The strength of demand shows clear investor confidence in Platinum Uganda’s growth story. We thank the Capital Markets Authority, the Uganda Securities Exchange and our partners for their work in bringing these notes to market.”

Distributed by APO Group on behalf of Platcorp Group.

 

 




 

Continue Reading

Business

All Roads Lead to Namibia: The 7th Canada-Africa Business Conference Returns to Windhoek, 2–4 February 2027

Published

18 hours ago

on

October 8, 2026

By

Ateau Zola

The Conference is anticipated to be the largest event the Chamber has convened on the African continent in its 33-year history

TORONTO, Canada, October 7, 2026/APO Group/ –The Canada-Africa Chamber of Business (www.CanadaAfrica.ca) is pleased to announce that the 7th Canada-Africa Business Conference will take place in Windhoek, Namibia, from 2–4 February 2027, under the headline sponsorship of B2Gold. The program opens with a site visit to B2Gold’s Otjikoto operations on 2–3 February, followed by a full conference day on Thursday, 4 February — in the days immediately preceding the Investing in African Mining Indaba in Cape Town. The Conference is anticipated to be the largest event the Chamber has convened on the African continent in its 33-year history.

 




  

During Africa Accelerating 2026, held in Toronto, a point was made that echoed throughout the program: all roads lead to Namibia for the next Canada-Africa Business Conference. “We are so delighted to be returning to Windhoek, and to be doing so with partners who continue to demonstrate what Canada-Africa collaboration can achieve,” said Garreth Bloor, President of The Canada-Africa Chamber of Business.

“Last year we welcomed over 50 Canadian company representatives among the hundreds of delegates – we’ve now doubled capacity for the next event, based on demand,” explained Bloor during the Africa Accelerating conference underway in Toronto this year.

Otjikoto has shown what is possible when a Canadian company and a Namibian community build together over the long term, in a country that is a gateway to the African continent

In remarks to the previous Canada-Africa Business Conference in Windhoek, the Prime Minister of Canada, the Right Honourable Mark Carney, recognized the Chamber “for convening leaders from across Canada and Africa” — commending its role in advancing investment, trade and partnership, and in connecting businesses and institutions to drive practical collaboration and shared growth.

“B2Gold is proud to support the Chamber’s largest event on African soil in its 33-year history, and proud that it is taking place in Namibia,” said John Roos, Managing Director of B2Gold Namibia. “Otjikoto has shown what is possible when a Canadian company and a Namibian community build together over the long term, in a country that is a gateway to the African continent. Welcoming business leaders to the mining operations, and to the investments in other sectors that have grown up around them, alongside the launch of the B2Gold Foundation in Windhoek, is our way of inviting others to see that partnership for themselves — and to consider what they might build here.”

Africa Accelerating, the Chamber’s flagship conference taking place in Canada this week, also featured a keynote address by Neil Reeder, Vice President, Government Relations at B2Gold, underscoring how vital B2Gold’s work is as a model for Canada-Africa trade and investment — and for deeper engagement between Canada and African markets.

Individuals who wish to find out more may visit the conference page here (https://apo-opa.co/4zjUsEH).

Registrants who wish to indicate their interest in joining the event may do so here (https://apo-opa.co/4hwRBlL).

Distributed by APO Group on behalf of The Canada-Africa Chamber of Business.

 




 

Continue Reading

Trending