By Dipo Olowookere

Shareholders of Oando Plc may get more value for their money in the 2025 financial year as the integrated energy company intends to execute some strategies, including an aggressive drilling program, designed to yield positive results.

The chief executive of the firm, Mr Wale Tinubu, while commenting on the financial performance of the organisation for the 2024 fiscal year, said “2025 will be our year of execution.”

Last year, Oando impressed investors with a 44 per cent rise in revenue to N4.1 trillion from the N2.9 trillion recorded in the preceding year, with the post-tax profit up by 267 per cent to N220 billion from N60 billion in 2023.

In the upstream segment of the business, Oando’s production went up by 3 per cent to 23,727 barrels of oil equivalent per day, comprising crude oil production, which rose by 27 per cent to 7,558 barrels per day, as NGL production and gas decreased respectively by 35 per cent to 156 bpd, and 5 per cent to 16,013 boepd.

As for the downstream, Oando’s trading subsidiary sold 20.7 million barrels of crude oil in 2024, 37 per cent lower than what was recorded a year earlier. This was attributed to structural changes in the Nigerian oil market.

Additionally, refined product volumes declined by 64 per cent to just over 599 kMT, due to weakened domestic demand, driven by the challenging macroeconomic in-country.

“The year 2024 was a defining year for Oando, with the successful acquisition and integration of NAOC marking the culmination of a decade-long strategic growth journey which has significantly deepened our upstream portfolio, resulting in our assumption of operatorship of the OML 60–63 series and the doubling of our working interest in the assets from 20 per cent to 40 per cent, as well as our 2P reserves from 500 million barrels of oil equivalent to 1 billion barrels,” Mr Tinubu stated.

He said this year, “Our key priorities shall include unlocking synergies from the acquisition, addressing above-ground security risks through the implementation of a revamped security framework aimed at curbing the persistent theft of oil, cost optimization, balance sheet restructuring, enhancing operational efficiency, and leveraging technology to improve productivity across our operations.”

“In our bid to ramp up production towards achieving our target of 100,000 bopd and 1.5 tcf of gas by 2029, we shall pursue a dual-track approach of rig-less interventions and well workovers, complemented by an aggressive drilling program.

“We are excited by the opportunities that lie ahead and remain committed to delivering enhanced shareholder returns, shared prosperity and maintaining our position as a leading player in Africa’s evolving energy landscape,” he added.

By Dipo Olowookere

The domestic stock market appreciated by 1.63 per cent at Thursday’s trading session ahead of the Eid-El Kabir (Sallah) break on Friday and Monday.

Investors were in high spirits yesterday, with bargain-hunting dominating the Nigerian Exchange (NGX) Limited because of the renewed confidence in the market.

Consequently, the market capitalisation closed higher by N1.158 trillion to N72.276 trillion from the preceding day’s N71.118 trillion and the All-Share Index (ASI) increasing by 1,835.02 points to 114,616.75 points from 112,781.73 points.

Business Post reports that the commodity index gained 2.96 per cent, the energy space improved by 2.73 per cent, the industrial goods sector surged by 2.37 per cent, the banking counter rose by 2.21 per cent, the insurance industry soared by 1.31 per cent, and the consumer goods index went up by 1.02 per cent.

It was a busy session on Customs Street on Thursday due to strong appetite for local equities, with the trading volume, value and number of deals spiking by 144.40 per cent, 104.27 per cent, and 21.72 per cent apiece.

A total of 1.5 billion stocks valued at N33.5 billion exchanged hands in 16,410 deals during the session versus the 598.2 million stocks worth N16.4 billion traded in 13,482 deals at midweek.

Fidelity Bank was traders’ toast yesterday, leading the activity chart with the sale of 829.7 million equities for N16.0 billion, followed by Legend Internet, which exchanged 180.3 million units for N1.0 billion.

Further, Zenith Bank transacted 62.8 million shares valued at N3.1 billion, Japaul traded 34.8 million equities worth N69.6 million, and GTCO sold 30.9 million units valued at N2.2 billion.

Investor sentiment remained bullish during the trading day after the bourse ended with 40 appreciating equities and 22 depreciating equities, representing a positive market breadth index.

Champion Breweries and NGX Group gained 10.00 per cent each to sell for N7.70, and N39.60 apiece, MTN Nigeria appreciated by 9.99 per cent to N319.20, Oando soared by 9.96 per cent to N56.85, and Morison Industries chalked up 9.90 per cent to trade at N3.22.

On the flip side, Northern Nigeria Flour Mills depreciated by 9.97 per cent to N125.05, ABC Transport crashed by 9.77 per cent to N2.40, Legend Internet weakened by 9.49 per cent to N5.34, Livestock Feeds soured by 7.82 per cent to N8.25, and Omatek deflated by 7.59 per cent to 73 Kobo.

By Adedapo Adesanya

Renaissance Africa Energy Company Limited says it has ramped up crude oil production to over 200,000 barrels per day, following its recent acquisition of Shell Petroleum Development Company’s (SPDC) onshore assets in Nigeria.

Recall that in the first month, it announced a 40 per cent increment.

The update came during a high-level courtesy visit by executives of the firm to the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, in Abuja.

The Renaissance delegation was led by its Chairman, Mr Layi Fatona, and the Managing Director, Mr Tony Attah.

Speaking, Mr Fatona expressed delight that local companies were leading the country’s energy sector.

He said, “This is a proud moment for Nigerian enterprise. Our successful transition and scale-up of production show that indigenous companies can lead the energy conversation in this country and deliver results that matter to the economy.”

On his part, Mr Attah, a former boss of the Nigeria LNG (NLNG), emphasized that company’s operations were fully aligned with the government’s goals for job creation, foreign exchange generation, and community-inclusive development.

“We are not just producing oil; we are building a sustainable model for indigenous ownership, responsible energy stewardship, and economic contribution. RAEC is here to stay, to grow, and to partner with government for a shared vision of prosperity.”

The acquisition of Shell’s onshore assets by Renaissance marks one of the most significant transitions in Nigeria’s upstream sector, signaling a shift toward increased local ownership and control of critical energy infrastructure.

Welcoming the delegation, Mr Wale Edun lauded Rennaissance’s rapid operational progress and reaffirmed the Federal Government’s support for indigenous firms driving national development.

“The fact that a Nigerian-owned company now operates at this scale is a testament to the policy direction of President Bola Tinubu’s administration, one that prioritizes private sector leadership, local capacity, and inclusive growth,” Mr Edun said.

He described the energy firm’s performance as “encouraging” and called for stronger collaboration between government and operators to optimize the sector’s contribution to fiscal revenues and energy security.

“Government is determined to create a level playing field that rewards innovation, transparency, and results. We see companies like RAEC as key to our broader economic reform agenda,” Mr Edun added.

Both sides also discussed the role of local energy companies in Nigeria’s just energy transition, with shared acknowledgment that indigenous operators must take a lead role in balancing hydrocarbon development with climate-smart investments.

Renaissance said it was committed to continued engagement and alignment on strategic reforms that will ensure Nigeria’s oil and gas sector delivers lasting impact, both in terms of economic resilience and energy independence.