From a local petroleum products distribution company founded in 1956 to one of Africa’s leading energy companies, Oando Plc has established itself as a major player in the continent’s oil and gas sector. Listed on the Nairobi and Johannesburg stock exchanges, the company has expanded its operations into upstream exploration, energy trading, and clean energy initiatives. In 2025, following the integration of Nigerian Agip Oil Company assets, Oando recorded a 32% increase in production, reaching 32,482 barrels of oil equivalent per day.
Founded in 1956, Oando Plc evolved from a local petroleum distributor into one of Africa’s leading indigenous energy companies. Listed on the Nigerian and Johannesburg stock exchanges, the Lagos-based group operates in oil and gas exploration, production, trading, and energy infrastructure. Following the acquisition of Nigerian Agip Oil Company in 2024, Oando nearly doubled its reserves to approximately one billion barrels of oil equivalent and increased its production by 32%, reaching 32,482 barrels of oil equivalent per day in 2025. The company also reported revenue of 4.1 trillion naira and a profit after tax of 220 billion naira in 2024, further strengthening 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 brought me Esso’s downstream assets and 250 filling stations. In 2002, I acquired Agip’s downstream business from the Italians. We merged them and created the Oando brand. We became the largest fuel retailer. We also entered the gas distribution market through the Lagos gas pipeline distribution system, which was then called Gaslink. We built more than 400 to 500 kilometres of gas pipelines. We had about 200 customers. We created the first wave of companies that moved away from diesel generation to power their factories.”
Wale Tinubu, Group Chief Executive Officer, Oando Plc – Nigeria
Oando’s crude freight trading volumes increased by 42% 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 presence and position itself as a leading indigenous energy player on the continent.
“You know, we are moving from a 20% stake to a 40% stake in a fully integrated joint venture. You know, we currently have 960 megawatts of power, three gas-fired power plants, and more than 240 producing wells. We are the second-largest gas producer after LNG for exports, as well as natural gas liquids for the petrochemical sector through Indorama.”
Wale Tinubu, Group Chief Executive Officer, Oando Plc – Nigeria
Oando is also expanding beyond hydrocarbons into renewable and low-carbon energy as part of its diversification strategy. This 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 optimize these assets, improve efficiency, reduce costs, and focus on safety. The objective would be to ensure better value realization during the secondary development phase. After that, we will focus on expanding and converting probable reserves into proven reserves, as well as producing those reserves. There is a lot of it. There are one billion barrels. We currently control one billion barrels of reserves.”
Wale Tinubu, Group Chief Executive Officer, Oando Plc – Nigeria
With production from 24 fields and 40 discovered fields yet to commence production, the increase in Oando Plc’s reserves, production capacity, and regional footprint reflects its growing weight in Africa’s energy landscape, as indigenous operators increasingly consolidate their role in shaping the future of the continent’s oil and gas sector.
