Nigerian Oil Mogul Wale Tinubu's Oando Reports 1.12 Billion In Half-year Revenue

Oando posts 41.3 million profit in H1 2025, up slightly year-on-year, supported by higher finance income and a 136.5 million tax credit.

Revenue fell 15 to 1.12 billion, weighed down by lower oil trading volumes and weaker crude prices across upstream and trading operations.

Finance income surged nearly 9x to 103.8 million, while Oando restructured debt and tightened its balance sheet after completing its NAOC acquisition.

Oando Plc, one of Nigerias top oil and gas companies led by Wale Tinubu, reported half-year revenue of 1.12 billion in 2025. The company also posted a net profit of N63.31 billion 41.34 million, boosted by a tax credit and a recovery from earlier losses tied to asset impairments.

Although revenue dipped by 15.26 percent compared to the same period last year, reflecting continued swings in the global energy market, Oandos sustained profit was helped by stronger finance income and the reversal of some earlier write-downs. These developments mark a notable turnaround after a challenging stretch for the company.

The group reported a slight uptick in profit for the first half of 2025 , with earnings rising 1.06 percent to N63.31 billion 41.34 million, compared to N62.65 billion 40.9 million in the same period last year. The modest gain was largely supported by a sharp rise in finance income and a significant tax credit.

Finance income jumped to N158.99 billion 103.82 million, a steep increase from N17.39 billion 11.36 million recorded a year earlier. Meanwhile, the groups income tax credit surged to N209.06 billion 136.47 million, up from N17.13 billion 11.18 million in the first half of 2024.

Still, those improvements werent enough to offset deeper challenges on the operational front. The group posted an operating loss of N158.71 billion 103.62 million, reversing a profit of N121.93 billion 79.62 million in the prior-year period. Revenue also declined 15.27 percent to N1.72 trillion 1.12 billion, down from N2.03 trillion 1.33 billion, as lower oil trading volumes and weaker crude prices weighed heavily on both its upstream and trading segments.