Our focus in 2025, by Tinubu
Oando Plc grew its turnover by 45 per cent to N4.1 trillion in 2024 as the energy company ramped up production on the back of successful integration of its acquired assets.

Key extracts of the financial results for the year ended December 31, 2024 released at the weekend showed that turnover rose from N2.9 trillion in 2023 to N4.1 trillion in 2024, an increase of 45 per cent. Profit after tax also increased by nine per cent to N65.5 billion in 2024.

Oando’s production for the 12-month period averaged 23,911 barrels of oil equivalent per day (boe/d) in 2024, an increase from the 23,258 boe/d achieved in 2023. The growth was primarily driven by the acquisition of an additional 20 per cent stake in the NAOC JV in fourth quarter 2024, partially offset by production disruptions due to shut-in wells resulting from sabotage activities.

Group Chief Executive, Oando Plc, Wale Tinubu, said the 2024 performance highlighted the transformation undergone by the group during the year, highlighted by the successful acquisition and subsequent integration of NAOC Ltd.

According to him, the acquisition significantly enhanced the group’s production capacity, attaining peak operated production of 103,206boepd and net entitlements of 45,000 boepd.

https://thenationonlineng.net/oandos-turnover-rises-to-n4-1tr-on-increased-production/amp/