The board of energy giant- Oando Plc, on Monday published its delayed audited results for the full-year ended December 31, 2025, showing a drop in revenue compared to previous year, throwing the group into a gross loss for the period. Profit after tax also suffered a decline for the period, despite the huge tax credits granted during the period.
The external auditors, BDO Professional Services, in their report drew attention to the continued negative working capital position of the company for five successive years. At the end of December 2025, Oando Plc recorded total assets of N7.445 trillion, up from N6.434tr, while total liabilities rose from N6.795tr to N8.012tr.
According to the result, revenue dropped to N3.18tr from N4.086tr, while cost of sales fell from N3.993tr to N3.182tr, of which the group’s trading division contributed N3.693tr, while exploration & production pooled N384.968bn; leaving a gross loss of N2.761 billion, compared to the previous profit of N93.338bn. Other operating income tumbled from N1.100tr to N203.792bn. There was an impairment on non-financial assets valued at N2.295 billion; net reversal of impairment on financial assets stood at N441.482bn, compared to the previous impairment of N76.227bn. Administrative expenses dropped to N399.253bn from N548.308bn; operating profit left an operating profit of N240.963bn, down from N569.681bn.
Finance costs grew from N235.835bn to N394.689bn; while finance income soared from N47.197bn in the 2024 full-year to N288.032bn; following which net finance costs dropped from N188.638bn to N108.656bn.
Profit before income tax for the period amounted to N135.759bn from N383.82bn. Income tax credit of N69.048bn, up from the previous N163.7bn expense, left profit after tax at N204.808bn, as against the previous N220.12bn.
Putting the scorecard in perspective, the management of Oando Plc in a statement to the NGX noted that the group’s operational excellence and value realisation underpin performance and future growth, just as the 2025 was “a transition year marked by the first full-year contribution from NAOC JV (Agip Joint Venture) assets and a shift from acquisition-led growth to operational execution and balance sheet optimization.”
This, it said is clear in the strong production performance from upstream operations, as shown in the 32% Year-on-Year growth in Average production, improved uptime and operational reliability across core assets, 24% growth in trading volumes, reflecting portfolio repositioning towards highermargin opportunities, among others.
The statement quoted Oando Plc’s Group Chief Executive, Wale Tinubu as saying the 2025 full-year “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.”
Continuing, he added that “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.
“A key highlight of the year was the successful completion and start-up of the Obiafu-44 gas condensate well, our first operated development well following the assumption of operatorship. This achievement demonstrates that indigenous operators can safely, efficiently, and responsibly execute complex development programs at scale while creating long-term value from strategic national assets. We also continued to advance our broader development programme and asset optimisation initiatives designed to unlock additional value from our portfolio.
“In our trading business, we responded proactively to evolving market dynamics by deliberately repositioning the portfolio away from lower-margin gasoline importation and towards higher-margin crude and gas opportunities. This strategic shift, combined with structured offtake and financing arrangements, strengthened liquidity, improved cash generation, and enhanced the business’s resilience,” he stressed.
Looking ahead, the group plans to development seven wells in its OMLs 60-63. It put planned capital expenditure for the year at approximately $90–100 million, focused on high-impact, short-cycle upstream activities, while crude trading volumes is expected at 30–35 MMbbls, reflecting what it tagged continued portfolio optimization. There is also plan to expand clean energy initiatives, including the deployment of 11 additional electric buses to the fleet
