Economy
H1 2025: Oando Suffers 15% Revenue Shortfall, N159bn Operating Loss
By Aduragbemi Omiyale
Lower trading activity, especially from Premium Motor Spirit (PMP), otherwise known as petrol, and weaker realised prices amid stronger performance in the Exploration and Production (E&P) segment of the business contributed to a 15 per cent year-on-year decline in the revenue of Oando Plc in the first six months of 2025.
Details of the financial statements of the energy firm released to the Nigerian Exchange (NGX) Limited showed that the company’s revenue slipped to N1.7 trillion from the N2.0 trillion achieved in the same period of 2024, amid a decline in the gross profit by 28 per cent to N59 billion from N82 billion, in line with the topline contraction and changing segment mix.
Business Post reports that Oando also recorded an operating loss of N159 billion between January and June 2025 versus an operating profit of N122 billion in the corresponding period of last year, with the post-tax profit remaining unchanged at N63 billion.
From crude oil sales, the company generated about N200 billion from 2.32 MMbbl versus the 1.09 MMbbl sold in H1 2024, with sales volume from natural gas rising by 76 per cent to 3.19 MMboe from 1.81 MMboe in the first half of last and N45 billion generated.
Earnings from PMS trading went down to N1.5 trillion from N1.9 trillion.
“In H1 2025, we advanced our growth agenda in our upstream division, the primary driver of the group’s performance, by achieving a 63 per cent year-on-year increase in production volumes.
“This was driven by the successful consolidation of NAOC’s assets, early gains from our optimization programme and our assumption of operatorship, which enabled us implement holistic security measures amid improved community relations, resulting in enhanced infrastructure reliability, higher production volumes, and greater operational resilience,” the chief executive of Oando, Mr Wale Tinubu, stated.
He said further that, “Our trading segment faced headwinds which exerted pressure on the entity’s revenue and the group’s topline as a result of declining PMS imports into the country due to rising local refining capacity from the Dangote Refinery, a positive development that enhances Nigeria’s energy security and self-sufficiency.
“In response, we diversified our crude offtake sources, optimized trade flows, and expanded into LNG and metals. These initiatives are already gaining traction and will support stronger performance in H2.”
“Oando Clean energy also advanced its e-vehicles, PET recycling and solar module assembly projects, initiatives critical to our long-term diversification goals and broader commitment to environmental sustainability.
“As we enter the second half of the year, our priorities are clear: accelerate upstream monetization through drilling and production assurance, strengthen trading performance, and execute our capital restructuring initiatives to restore balance sheet flexibility. With a focused strategy and a clear execution roadmap, we remain committed to delivering sustained value to our shareholders,” Mr Tinubu added.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
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