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Oando makes resounding comeback with N74.7 billion

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Nigeria leading indigenous energy solutions provider, Oando Plc has bounced back with a major turnaround in its profitability as it recorded profit of N104.1 billion in 2023.

 

The interim report and accounts for the year ended December 31, 2023 released at the Nigerian Exchange (NGX) showed significant improvements in sales and profitability of the company.

 

Turnover rose by 71 per cent from N1.9 trillion in 2022 to N3.4 trillion in 2023. As against net loss of N81.2 billion in 2022, the company recorded net profit of N74.7 billion in 2023. Pre-tax profit stood at N104.1 billion in 2023, compared with pre-tax loss of N61.84 billion in 2022.

 

The report also highlighted a significant reduction of 23 per cent in the group’s upstream borrowings from $635.6 million in 2022 to $488.9 million in 2023.

 

The performance of the group was driven by considerable improvements in major business categories with trading operations rising by 50 per cent. Traded crude oil volumes rose to 32.8 million bbls in 2023 as against 21.8 million bbls in 2022. Traded refined petroleum products dropped by 15 per cent to 1.646 million MT in 2023 compared with 1.938 million MT in 2022.

See also  NUPRC approves Oando’s acquisition of Agip

 

The upstream saw an increase in production from 20,703 boepd in 2022 to 20,837 boepd in 2023, despite the challenges in the oil producing region. Oil production stood at 6,024bbls/day in 2023 as against 4,939bbls/day in 2022. Natural gas production stood at 14,572boe/day in 2023 compared with 15,292boe/day in 2022. NGL production was 241bbls/day in 2023 as against 472bbls/day in 2022.

 

The release of the 2023 results brings the company a step closer to being in line with regulatory requirements for all listed companies. It indicates that by the end of this year, Oando will be on track with its peers in reporting results thus giving confidence to shareholders and investors on the company’s current state and future.

 

2023 has seen Oando push forward with its growth agenda, recording positive highlights, including the signing of a Sale & Purchase Agreement (SPA) with Italian oil major, Eni to acquire one of its local subsidiaries, the Nigeria Agip Oil Company Limited (NAOC).

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In addition, its clean energy arm, Oando Clean Energy Limited (OCEL) launched its electric mass transit buses in partnership with the Lagos State government, signaling that things are beginning to look up for the indigenous giant.

Group Chief Executive, Oando Plc, Mr. Wale Tinubu, said the results showed that the company has weathered the storm and on track to consolidate future growth.

 

According to him, despite the persistent pipeline vandalism across the Niger Delta, which continues to dampen crude production, the profit after tax of N 74.7 billion in 2023 was largely driven by increased trading volumes due to strategic global partnerships and net foreign exchange gains on the group’s foreign currency denominated assets as against losses on foreign currency denominated liabilities.

 

He noted that the milestone signing of the Sale and Purchase Agreement with Eni towards the acquisition of 100 per cent of the shares of NAOC Ltd, marked a pivotal moment for the company as it is poised to unlock substantial synergies in the near future.

See also  Oando plans $750 million drilling campaign, expects funding boost from Iran turmoil

 

“Our focus is now on completing the acquisition and seamlessly integrating operations to deliver exceptional value to our shareholders.

 

“Having weathered the storm of recent years, our latest results provide a foundation for us to consolidate and build for the future. With our planned acquisition of NAOC, we are positioned to take full operatorship and drive-up outputs, value and efficiencies.

 

“Moreover, our foray into and leadership in clean energy expands our footprint as a fit and proper integrated energy company with our feet firmly planted in today’s realities and the possibilities of the future,” Tinubu said.

 

 

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Business

Wale Tinubu’s Leadership, Enterprise and Oando’s Next Chapter

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By Adebayo Adeoye

Call him one of those rare visionaries who have mastered the delicate art of staying ahead of the curve, and you would hardly be accused of exaggeration. For over three decades, Jubril Adewale Tinubu, Group Chief Executive of Oando Group, has remained one of the defining faces of Nigeria’s corporate success story — a man whose entrepreneurial brilliance has not only created jobs and generated immense wealth but has also left an indelible imprint on the nation’s socio-economic landscape.


In a country where building enduring enterprises often feels like swimming against the tide, Tinubu has stood resilient.

Since founding Oando over 30 years ago, he has painstakingly transformed the company into one of Africa’s foremost indigenous energy giants, steadily widening its footprint across the continent. Such accomplishments did not come by happenstance.

In Nigeria’s unpredictable business climate, success at this scale demands uncommon grit, discipline, resilience, and an almost stubborn refusal to surrender to adversity.

See also  Oando plans $750 million drilling campaign, expects funding boost from Iran turmoil

The oil and gas industry is, by every measure, one of the toughest terrains to navigate, riddled with volatility and uncertainty. Yet Tinubu has repeatedly proven himself equal to the challenge.

Through strategic foresight, innovation, courage, and a deep understanding of the energy ecosystem, he has consistently turned turbulence into opportunity.

Fondly described in business circles as the “King of African Oil,” Tinubu represents the rare breed of entrepreneurs who see every summit merely as preparation for an even greater ascent. For him, success is never final; it is only fuel for the next frontier.

This relentless pursuit of excellence has earned him global recognition, enduring prosperity, and the admiration of peers across industries.
As he prepares to clock 59, Tinubu stands not merely as a businessman of immense accomplishment but as a role model to younger generations and a visionary whose contributions to Nigeria’s corporate landscape continue to attract applause and admiration.

Yet, beyond the boardroom triumphs and billion-dollar transactions lies another defining pillar of his legacy — philanthropy. Quiet, deliberate, and deeply rooted in faith, Tinubu’s generosity is neither loud nor performative.

See also  Oando plans $750 million drilling campaign, expects funding boost from Iran turmoil

He belongs to that rare class of givers who believe true charity requires no audience. His benevolence flows silently but meaningfully, touching lives without fanfare.

Entrepreneur and philanthropist extraordinaire, Tinubu combines vast wealth with an even greater sense of humanity. To him, success is most meaningful when shared, and prosperity finds purpose when it creates opportunities for others.
However,

if many think they have seen the best of JAT, perhaps another surprise lies ahead. Sources close to the company hint that Oando is set for another defining chapter in 2026.

With ambitious investments in renewable energy and a bold commitment to reshaping Nigeria’s energy narrative, the leading firm is reportedly positioning itself to play a transformative role in the country’s power sector — a move that may once again redefine Tinubu’s enduring legacy as one of Africa’s most visionary business leaders.

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Wema Bank’s One-Day MD/CEO Chinmamanda Ozoakpata Unveils New Benefits for Children

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At Wema Bank, we have spent the last few years reimagining what Children’s Day can look like for Nigerian children.

What started as a celebration has evolved into an intentional platform designed to build confidence, encourage leadership, promote financial literacy and create meaningful opportunities for children across different age groups. This year, we have raised the bar even higher.

At Wema Bank’s Children’s Day Special Event held on Monday, May 25, 2026, our One-Day MD/CEO, Chinmamanda Diamond Ozoakpata, used her first official act in office to unveil a series of new initiatives designed to reward, educate and empower children through our Royal Kiddies account and ALAT Xplore platform.

From year-long cash rewards and celebrations of academic excellence to financial literacy materials and STEM challenges, here are the new incentives that were announced and how to qualify:1. Birthday Cash Gift (Royal Kiddies Account Holders)Wema bank is putting real money behind milestone birthdays.

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Active Royal Kiddies account holders turning 5 will receive ₦5,000, while those turning 10 will receive ₦10,000 automatically, as a birthday cash gift. The initiative runs from May 2026 to May 2027.

Importantly, active account holders who already turned 5 or 10 before May 2026 this year will also receive their reward this month.

To qualify: Your child must hold an active Royal Kiddies account and be turning (or have turned) age 5 or 10 within the qualifying window.2. ₦100,000 Reward for Top Common Entrance Students (Royal Kiddies Account Holders)In a move that directly ties financial reward to academic achievement, Wema Bank will reward the top 100 students in the National Common Entrance Examination (NCEE) with ₦100,000 each. This initiative commences in June 2026.To qualify:

Your child must be among the top 100 performers in the NCEE and hold a Royal Kiddies account.3. Financial Literacy Book Launch – Money Adventures (Royal Kiddies Account Holders)Wema Bank officially launched Money Adventures, a financial literacy book created for children aged 6 and above, at the Children’s Day event.

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Designed to make money conversations simpler and more engaging for young readers, the book introduces children to foundational concepts around saving, money management and responsible financial habits in a fun, age-appropriate way.

To qualify: To receive a copy of this book, your child must hold an active Royal Kiddies account or have their Royal Kiddies account newly activated.4. Evolve School Tour STEM Challenge (ALAT Xplore Account Holders)The Bank also unveiled the Evolve School Tour STEM Challenge. Designed for secondary school students aged 13–17, the programme will run across six schools nationwide with existing STEM programmes.

Through hands-on STEM competitions and school engagements, the initiative aims to promote innovation, technology awareness, financial literacy and responsible savings culture.

There will also be monetary prizes to be won at the end of the challenge.To qualify: Your child must be an ALAT Xplore customer, aged 13–17, and attend one of the participating schools with an active STEM programme.Over the last four years, Wema Bank has consistently treated Children’s Day as more than a calendar moment. From the One-Day MD/CEO initiative to school tours, leadership experiences and child-focused financial literacy campaigns, the Bank has continued to expand how it supports children meaningfully.

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Yet, this is the first time  the bank has included a Children’s Day initiative that runs for an entire year. Combine that with a six-figure academic reward, a published financial literacy resource, and a nationwide school tour, and it becomes clear: this is the most comprehensive, most impactful package of benefits Wema Bank has ever delivered to its youngest customers.

It signals a growing commitment by Wema Bank to create experiences for children that extend far beyond celebration and leave a lasting impact long after Children’s Day is over.

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Wema Bank makes last call for submission of entries for One-Day MD/CEO Children’s Day Initiative

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As the deadline of May 20, 2026, fast approaches, Wema Bank has announced the last call for submissions for children and teens interested in participating in becoming MD/CEO of Wema Bank for one day.

Launched in May 2025 as part of Wema Bank’s 80th anniversary celebration, the One-Day MD/CEO initiative was introduced by Wema Bank to commemorate Children’s Day in a uniquely unprecedented manner. Inspired by the Bank’s 80th anniversary theme “80 Years of Impact, A Future of Possibilities”, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.

As 12-year-old Chiderije Mbah emerged winner, the Wema Bank One-Day MD/CEO initiative dominated the conversation on May 27, 2025, with children across Nigeria inspired to put in the work towards a successful future and parents commending the Bank’s consistent commitment to empowering children and helping them build the right future.

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This year, 2026, the Wema Bank One-Day MD/CEO initiative has returned on a larger scale.

For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of Managing Director/CEO of Wema Bank, for a day.

The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.

To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve.

This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges winner and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day.

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Both parents and teens are encouraged to hurry and make their submissions now as entry closes in less than two days, specifically on Wednesday, May 20, 2026.

More details on the Bank’s social media platforms @wemabank

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