Shareholders of Oando Plc yesterday authorised the board of the energy group to undertake listings on other stock exchanges, in a major resolution that opened possible future listings on world’s stock exchanges.
At the 47th annual general meeting, shareholders reaffirmed confidence in the company’s earnings outlook and its board and management, expressing supports for strategic initiatives being undertaken to expand operations and deepen profitability
Group Chief Executive, Oando Plc, Mr Wale Tinubu, said the company has achieved several operational milestones and assured that shareholders would enjoy dividends of these achievements from the next business year.
He said the company has maintained operational control and disciplined execution of its growth strategy, which provide stable platform for building sustainable growth.
‘Operational control gives us execution capacity and creates value. We are focusing on clear accountability and stronger performance management. As we continue our integration, we will allocate capital responsibly, report on time, meet our guidance and commit to our choices,’ Tinubu said.
Chairman, Oando Plc, Mr Ademola Akinrele (SAN), commended the shareholders for their supports, assuring that the company remains focused on delivering good returns to its stakeholders.
He said: ‘I thank you all for your attendance today, and I’d like to thank you in particular, shareholders, for the range of your questions, the thoughtfulness of it, the insight of the questions, and the passion and love you’ve shown for the company, and also the patience and confidence you have reposed on the board’.
National Coordinator, Pragmatic Shareholders Association, Mrs Bisi Bakare, commended the board and management for their strategic approach to portfolio development and disciplined capital allocation.
‘I want congratulate the board and management for the strategic shift in the mining and infrastructure business from broad-based exploration to a more disciplined asset prioritisation approach. I believe this is a prudent approach, particularly given the need for disciplined capital allocation across the group,’ Bakare said.
Shareholders, at the virtual meeting, also approved amendments to the company’s Memorandum and Articles of Association to provide for physical, electronic or hybrid general meetings, as well as provisions relating to digital assets, cryptographic technologies, distributed ledger technologies, and other emerging technologies, subject to applicable laws and regulatory requirements.
All the resolutions presented at the meeting were passed, including the re-election of Mr Ademola Akinrele, Mr Omamofe Boyo, Mr Ikeme Osakwe and Mr Adeola Ogunsemi as Directors retiring by rotation; re-appointment of BDO Professional Services as the company’s external auditors; election of members of the Statutory Audit Committee; and approval of the remuneration of Non-Executive Directors.
Oando had seen a 20 per cent growth in total revenue in first half 2026 as improved operating efficiency and higher production drove the indigenous energy solutions group to its most remarkable performance in recent period.
Key extracts of the six-month report for the period ended June 30, 2026 released at the Nigerian Exchange (NGX) showed that group revenue rose by 20 per cent to N2.1 trillion. Gross profit quadrupled by 331 per cent to N101 billion while net profit after tax closed at N68.6 billion.
The financial results underlined significant operational improvements. Oando’s upstream subsidiary reported 92 per cent facility uptime compared to 85 per cent in 2025, resulting in 16 per cent increase in average production to 42,789 boepd in first half 2026 from 36,836 boepd in first half 2025.
The production performance included crude oil production, which improved by 19 per cent to 12,358 bopd; gas volumes, which rose by 14 per cent to 28,497 boepd, and NGL production, which increased by 16 per cent to 1,935 boepd.
The company attributed the first half 2026 performance to cost-optimisation initiatives, especially lower transport, logistics, service and information and communication technology (ICT) costs, alongside the benefit of higher production across a largely fixed field cost base.
The six-month results were also supported by successful drilling of new wells, restoration of 12 previously shut-in wells, and sustained improvements in facility uptime across OMLs 60-63.
In its trading arm, the group also saw a 2.1 per cent increase in trading volumes to 13.15 MMbbl. The company attributed this increase to its crude oil marketing and offtake programmes and increased sourcing from marginal field producers.
Oando reiterated its focus on expanding crude oil marketing and trading portfolio in the second half.
Tinubu said the first half 2026 results marked an important inflection point in Oando’s journey.
‘Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio. The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation,’ Tinubu said.
He explained that the group’s performance was driven by operational efficiency as it strengthened asset integrity, improved facility reliability and reinforced security across operating areas, resulting in average facility uptime of 92 per cent while reducing production operating costs by 18 per cent to $16.83 per boe.
He said: ‘Our development programme also gathered significant momentum during the period as we successfully drilled and completed two land development wells, with an additional land well currently being drilled, while mobilising a second drilling rig to accelerate activity across our operated portfolio. In parallel, we continued an extensive programme of rig-less well interventions designed to restore production, sustain plateau output and mitigate natural field decline. Together, these activities increased average production to 42,789 boepd, representing 16 per cent year-on-year growth.
‘This translated into a stronger financial performance, with revenue increasing by 20 per cent to N2.1 trillion, while the business generated N179.5 billion in operating cash, improving liquidity. Profit after tax also increased by 8.0 per cent to N68.6 billion, reflecting the overall improvement in operating performance during the period’.
In 2026, Oando embarked on an extensive drilling programme across both the operated and non-operated portfolio. With this already yielding results in first half within OMLs 60-63, the company hopes to complete its seven-well programme with planned drilling across its assets in Idu T, Samabri A and Ogbanbiri. This is to be complemented by a rig-less programme of approximately 100 well intervention activities planned across the portfolio for the full year. Together, these activities are expected to add production, sustain plateau and offset natural field decline across the portfolio.
Tinubu reassured on the outlook of the group, noting that the group has established a clear roadmap for sustainable growth.
He said: ‘Looking ahead in 2026, our priorities remain firmly centred on completing our seven-well drilling programme and portfolio-wide well intervention campaign while delivering production of circa 50,000 boepd. Beyond 2026, our identified inventory of 62 development wells, supported by 55 planned well interventions, provides a clear pathway towards our medium-term production ambition of approximately 100,000 boepd.
‘Furthermore, we shall execute an intensive fundraising and balance sheet restructuring programme to optimise our capital structure, strengthen our financial position, improve working capital, enhance financial flexibility and ensure the business is appropriately funded to accelerate growth and maximise long-term shareholder value
‘We have built a resilient operating platform and established a clear roadmap for growth. Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders’.
The company reaffirmed full-year production guidance of 40,000-50,000 boepd, supported by a seven-well drilling programme across OMLs 60-63, of which two wells have been completed, with two more in progress. The trading arm has revised its guidance to 22-26 MMbbls following adjustments to a crude oil marketing programme. The company also continues to advance the rights issue and its $1.5 billion multi-instrument issuance programme and the expansion of its clean energy initiatives.