Oando Plc, a leading Nigerian oil and gas company, has become Nigeria’s first indigenous International Oil Company (IOC) after expanding its operations to the Exclusive Economic Zone (EEZ) of São Tomé and Príncipe.
This growth is credited to the leadership of Wale Tinubu, the company’s CEO, and Oando’s successful investment in oil and gas fields both onshore and offshore.
Oando now holds interests in 16 oil and gas licenses and has reached a net value of $3 billion after acquiring NAOC.
The company has continued to deliver strong financial results, despite challenges like pipeline vandalism. In 2023, Oando recorded a significant turnaround with a pre-tax profit of N104.1 billion, compared to a loss of N61.8 billion in 2022.
This success was partly due to increased global trading volumes and foreign exchange gains.
Oando’s acquisition of NAOC, announced by the government, further boosted its stock price, making it one of the top performers on the Nigerian Exchange.
Looking ahead, Oando plans to enhance its production capabilities and diversify into clean energy and energy infrastructure.
With over 200 wells, 9 flow stations, and a dedicated gas pipeline to LNG, Oando is positioning itself as a leader in Nigeria’s oil and gas industry, focused on creating lasting value and setting a benchmark for others to follow.