Nigerian President Bola Tinubu's Nephew Leads Oil Company To 2.7 Billion Revenue In 2024

Oando Plc, one of Nigeria's leading oil companies, continues to strengthen its position in the energy sector under the leadership of Wale Tinubu, the nephew of Nigerian President Bola Ahmed Tinubu. The company saw its revenue surpass 2.7 billion by the end of its 2024 fiscal year, thanks to enhanced production capacity and operational efficiency.

Oandos revenue jumped by 45 percent in 2024 , rising from N2.845 trillion 1.9 billion in 2023 to N4.122 trillion 2.76 billion. This growth was largely driven by higher crude oil volumes, rising gas prices, and favorable exchange rate translations.

Despite the impressive revenue boost, the company struggled to control costs, with direct production costs climbing to N3.84 trillion 2.56 billion. Administrative expenses also increased to N402.7 billion 269.5 million, and finance costs surged to N232.1 billion 155.3 million. As a result, profit for the period rose by just 9 percent, reaching N65.5 billion 43.9 million, up from N60.3 billion 40.3 million in 2023.

Wale Tinubu, the CEO of Oando commented on the companys performance , saying, 2024 was a year of transformation for Oando, the key highlight being our successful acquisition and subsequent integration of NAOC Ltd, which significantly enhanced our production capacity, attaining peak operated production of 103,206 boepd and net entitlements of 45,000 boepd.

Under Wale Tinubu, Oando has evolved into a multinational energy player with a presence across upstream, midstream, and downstream sectors. After rebranding from Unipetrol in 2003, Oando expanded its operations and now holds a dominant position in Nigerias energy market. Through Ocean and Oil Development Partners OODP, a joint venture with Omamofe Boyo, Tinubu holds a 66.67 percent stake in Oando, solidifying his influence in the sector.