From a local petroleum marketer founded in 1956 to one of Africa’s leading indigenous energy companies, Oando Plc has emerged as a major player in the continent’s oil and gas industry. Listed on both the Nigerian and Johannesburg stock exchanges, the company has expanded across upstream exploration, energy trading and clean energy initiatives. In 2025, Oando reported a 32 percent increase in production to 32,482 barrels of oil equivalent per day, following the integration of Nigerian Agip Oil Company assets.
Founded in 1956, Oando Plc has evolved from a local petroleum marketer into one of Africa’s leading indigenous energy companies. Listed on the Nigerian and Johannesburg stock exchanges, the Lagos-based group operates across oil and gas exploration, production, trading and energy infrastructure. Following its acquisition of Nigerian Agip Oil Company in 2024, Oando nearly doubled its reserves to about one billion barrels of oil equivalent and increased production by 32 percent to 32,482 barrels of oil equivalent per day in 2025. The company also reported revenues of 4.1 trillion naira and a profit after tax of 220 billion naira in 2024, reinforcing its position in Nigeria’s energy sector.
If you look at our evolution, I have been in the oil business for 30 years. In 2000, I acquired Unipetrol, which gave me Esso’s downstream assets and 250 petrol stations. In 2002, I bought Agip’s downstream operations from the Italians. We merged them and created the Oando brand. We became the largest fuels retailer. We also entered the gas distribution market via the Lagos gas pipeline distribution system, which was called Gaslink at the time. We built over 400–500 kilometres of gas pipelines. We had around 200 customers. We created the first wave of companies that moved away from diesel generation to power their factories.
Wale Tinubu, Group Chief Executive, Oando Plc
Oando’s crude cargo trading volumes increased by 42 percent year-on-year, reflecting stronger activity across its trading operations. The company is also accelerating its regional expansion strategy through investments in Angola and other African markets, as it seeks to strengthen its footprint and position itself as a leading indigenous energy player on the continent.
“You know, we go from a 20% stake to a 40% stake, um, in a joint venture that’s fully integrated. Um, you know, 960 megawatts of power, three gas plants, over 240 producing wells. Second largest gas producer to the LNG for export and, and natural gas liquids to the petrochemical sector via Indorama”.
Wale Tinubu, Group Chief Executive, Oando Plc
Oando is also expanding beyond hydrocarbons into renewable and low-carbon energy as part of its diversification strategy. The move reflects efforts to balance oil and gas growth with cleaner energy solutions amid rising demand for sustainable energy systems across Africa.
Our job would be to optimise those assets, improve efficiency, reduce costs and focus on security. The aim would be to ensure that we can extract better value in the secondary recovery stage. After that, we would focus on expanding and converting probable reserves into proven reserves, and producing those reserves. There’s a lot of it. There’s a billion barrels. We currently control a billion barrels of reserves.
Wale Tinubu, Group Chief Executive, Oando Plc
With production from 24 fields and 40 discovered fields yet to start production, Oando PLC’s scale-up in reserves, production capacity and regional footprint reflects its growing weight within Africa’s energy landscape, as indigenous operators increasingly consolidate their role in shaping the continent’s oil and gas future.