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Oando
On this page
Company details
- Legal name
- Oando PLC
- Listing
- OANDO on the Nigerian Exchange, active · ISIN NGOANDO00002 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2025 · annual report, signed / final · source
Read with these figures
- Going-concern warning. The auditor's report for the year ended 31 December 2025 states a material uncertainty about whether the company can continue as a going concern.
- Auditor's emphasis of matter. Emphasis of Matter (a) 'Intra-group Debt Forgiveness in Contravention of Companies and Allied matters Act, 2020': on 3 January 2025 Oando Oil Limited and Oando Servco Nigeria Limited forgave Oando Plc debts of USD 218.7m and USD 34.8m (novated Whitmore receivables) while holding accumulated losses, in effect distributions out of capital contrary to CAMA ss.426-427; OSNL's board also authorised a further N447.9 billion of debt forgiveness; IFRS treatment unaffected (pp12-13).
- Auditor's emphasis of matter. Emphasis of Matter (b) 'Treasury Share Transactions and Related Regulatory Non-compliance': settlement of a shareholder loan through the acquisition of the Company's own shares and a pro rata distribution of part of them to shareholders, not compliant with CAMA ss.184-187, 189, 426 and 427 ('impermissible returns of capital'); accounted for in equity under IFRS (note 33, p13).
Full wording and sources
Auditor's report, year to 2025-12-31: material uncertainty related to going concern
Material Uncertainty Related to Going Concern: We draw attention to Note 49 in the financial statements which indicate that the Group and the Company have incurred recurring negative retained earnings over the past five financial years and, as at 31 December 2025, reported negative working capital and net liabilities. In addition, certain loan covenants including project reserve account balance and restricted cash balance were contravened. Furthermore, certain loan obligations were not settled as and when due. ... This condition and those set out in Note 49 indicate that a material uncertainty exists that may cast significant doubt about the Group's and the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. (PDF p13)
Source: Oando PLC Audited Consolidated and Separate Financial Statements For the year ended 31 December 2025, p12 (dated 2026-07-06)
Auditor's emphasis of matter
Emphasis of Matter (a) 'Intra-group Debt Forgiveness in Contravention of Companies and Allied matters Act, 2020': on 3 January 2025 Oando Oil Limited and Oando Servco Nigeria Limited forgave Oando Plc debts of USD 218.7m and USD 34.8m (novated Whitmore receivables) while holding accumulated losses, in effect distributions out of capital contrary to CAMA ss.426-427; OSNL's board also authorised a further N447.9 billion of debt forgiveness; IFRS treatment unaffected (pp12-13).
Source: Oando PLC Audited Consolidated and Separate Financial Statements For the year ended 31 December 2025 (dated 2026-07-06)
Auditor's emphasis of matter
Emphasis of Matter (b) 'Treasury Share Transactions and Related Regulatory Non-compliance': settlement of a shareholder loan through the acquisition of the Company's own shares and a pro rata distribution of part of them to shareholders, not compliant with CAMA ss.184-187, 189, 426 and 427 ('impermissible returns of capital'); accounted for in equity under IFRS (note 33, p13). Also reported as 'Specific Non-Compliance' under other legal and regulatory requirements (p20).
Source: Oando PLC Audited Consolidated and Separate Financial Statements For the year ended 31 December 2025 (dated 2026-07-06)
-
Revenue
NGN 3.18 trillion
3,180,090,462 NGN thousands · p21
−22.2% vs 2024
-
Operating profit / (loss)
NGN 241 billion
240,963,936 NGN thousands · p21
−57.7% vs 2024
-
Profit / (loss) for the year
NGN 205 billion
204,808,573 NGN thousands · p21
−7.0% vs 2024
-
Total assets
NGN 7.45 trillion
7,445,684,789 NGN thousands · p23
+15.7% vs 2024
-
Total equity
−NGN 567 billion
(566,972,367) NGN thousands · p23
Change not shown.
-
Cash from operations
NGN 32.3 billion
32,331,220 NGN thousands · p27
Change not shown.
Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Not shown: the prior-year figure is zero or negative.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2025 — annual report, signed / final; reported for the year · source
- FY2024 — annual report, signed / final; comparative in the FY2025 filing · source
Income statement
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Revenue from contracts with customers | 3,180,090,462 | 4,086,650,996 |
| Cost of sales | (3,182,852,287) | (3,993,312,826) |
| Gross (loss)/profit | (2,761,825) | 93,338,170 |
| Other operating income | 203,792,110 | 1,100,879,352 |
| (Impairment)/reversal on impairment on non-financial assets1 | (2,295,800) | –2 |
| Reversal of impairment/(impairment) on financial assets, net | 441,482,557 | (76,227,627) |
| Administrative expenses | (399,253,106) | (548,308,754) |
| Operating profit | 240,963,936 | 569,681,141 |
| Finance costs | (394,689,242) | (235,835,820) |
| Finance income | 288,032,431 | 47,197,353 |
| Finance costs- net3 | (106,656,811) | (188,638,467) |
| Share of profit of associate | 1,452,835 | 2,777,443 |
| Profit before income tax | 135,759,960 | 383,820,117 |
| Income tax credit/(expense) | 69,048,613 | (163,700,064) |
| Profit for the year | 204,808,573 | 220,120,053 |
| Non-controlling interest4 | 797,945 | (4,736,213) |
| Other comprehensive profit/(loss) for the year | 45,940,994 | (303,161,198) |
| Total comprehensive profit/(loss) for the year | 250,749,567 | (83,041,145) |
| - Equity holders of the parent5 | 252,377,116 | (66,027,051) |
| - Non-controlling interests6 | (1,627,549) | (17,014,094) |
- Printed “-”, read as nil: subtotal_arithmetic: is.operating_profit.
Notes and alternative reported figures (5)
- “(Impairment)/reversal on impairment on non-financial assets” is an issuer-specific line, not mapped to a shared definition: Note 10d.
- “Finance costs- net” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of finance costs and finance income.
- “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Profit for the year attributable to non-controlling interest.
- “- Equity holders of the parent” is an issuer-specific line, not mapped to a shared definition: Statement of other comprehensive income, 'Attributable to: - Equity holders of the parent'.
- “- Non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Statement of other comprehensive income, 'Attributable to: - Non-controlling interests'.
Balance sheet
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Property, plant and equipment | 2,934,015,302 | 3,166,414,760 |
| Intangible assets | 989,434,897 | 1,031,074,278 |
| Right-of-use assets | 1,487,796 | 26,904,265 |
| Investment properties | 21,725,000 | 15,195,950 |
| Investment in associates | 5,946,163 | 7,842,436 |
| Deferred income tax assets | 120,662,760 | 60,515,346 |
| Derivative financial assets | 3,071,888 | 7,708,825 |
| Finance lease receivables1 | –2 | 463,975,857 |
| Non-current receivables3 | 483,594,729 | 495,590,553 |
| Prepayments4 | 6,719,263 | 4,815,723 |
| Restricted cash5 | 37,431,198 | 54,243,431 |
| Non-current assets (unlabelled subtotal) | 4,604,088,996 | 5,334,281,424 |
| Inventories | 46,087,435 | 46,847,250 |
| Finance lease receivables1 | –6 | 9,289,527 |
| Derivative financial assets7 | 9,213,449 | –6 |
| Trade, other receivables and contract assets | 2,186,524,980 | 750,257,945 |
| Prepayments4 | 129,222,284 | 68,467,292 |
| Financial assets at fair value through profit or loss8 | 1,089,032 | 442,671 |
| Short-term investments | 29,575,865 | 2,797,958 |
| Cash and cash equivalents | 439,882,748 | 221,775,277 |
| Current assets (unlabelled subtotal) | 2,841,595,793 | 1,099,877,920 |
| Total assets | 7,445,684,789 | 6,434,159,344 |
| Share capital | 6,215,706 | 6,215,706 |
| Share premium | 176,588,527 | 176,588,527 |
| Retained profit/(loss) | (88,487,223) | (292,497,851) |
| Treasury shares9 | (378,785,999) | –10 |
| Capital distribution reserve11 | (77,956,558) | –10 |
| Other reserves | (167,511,438) | (215,877,926) |
| Equity attributable to equity holders of the parent (unlabelled subtotal) | (529,936,985) | (325,571,544) |
| Non controlling interest | (37,035,382) | (35,407,833) |
| Total equity | (566,972,367) | (360,979,377) |
| Borrowings | 616,518,033 | 1,458,388,478 |
| Deferred income tax liabilities | 170,345,455 | 81,011,280 |
| Decommissioning provisions12 | 417,397,418 | 672,710,465 |
| Lease liabilities | 218,846 | 23,363,480 |
| Other long term payables13 | 111,961,593 | 139,005,774 |
| Retirement benefit obligations | 92,689,538 | 2,114,213 |
| Non-current liabilities (unlabelled subtotal) | 1,409,130,883 | 2,376,593,689 |
| Trade and other payables | 4,075,658,239 | 2,547,443,382 |
| Borrowings | 2,078,852,065 | 1,313,495,410 |
| Lease liabilities | 825,751 | 8,043,281 |
| Current income tax liabilities | 446,539,941 | 522,302,869 |
| Decommissioning provisions12 | –14 | 25,609,812 |
| Dividend payable | 1,650,277 | 1,650,277 |
| Current liabilities (unlabelled subtotal) | 6,603,526,273 | 4,418,545,031 |
| Total liabilities | 8,012,657,156 | 6,795,138,721 |
| Total equity and liabilities | 7,445,684,789 | 6,434,159,344 |
- Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
- Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
- Printed “-”, read as nil: subtotal_arithmetic: bs.equity_attributable_to_owners.
- Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (10)
- “Finance lease receivables” is an issuer-specific line, not mapped to a shared definition: Note 22.
- “Non-current receivables” is an issuer-specific line, not mapped to a shared definition: Note 23.
- “Prepayments” is an issuer-specific line, not mapped to a shared definition: Note 27.
- “Restricted cash” is an issuer-specific line, not mapped to a shared definition: Non-current asset line (note 31(b)).
- “Derivative financial assets” is an issuer-specific line, not mapped to a shared definition: Current asset line (note 21).
- “Financial assets at fair value through profit or loss” is an issuer-specific line, not mapped to a shared definition: Current asset line (note 28).
- “Treasury shares” is an issuer-specific line, not mapped to a shared definition: Equity line (note 33(a)).
- “Capital distribution reserve” is an issuer-specific line, not mapped to a shared definition: Equity line (note 33(b)).
- “Decommissioning provisions” is an issuer-specific line, not mapped to a shared definition: Note 35.
- “Other long term payables” is an issuer-specific line, not mapped to a shared definition: Non-current liability line (note 38(a)).
Cash flow
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Cash generated from/(used in) operations | 258,285,652 | (500,310,425) |
| Interest paid | (214,399,687) | (33,360,319) |
| Income tax paid | (2,902,214) | (1,690) |
| Gratuity benefit paid1 | (8,652,531) | (1,607,653) |
| Net cash generated from/(used in) operating activities | 32,331,220 | (535,280,087) |
| Purchases of property plant and equipment | (102,423,156) | (18,526,009) |
| Acquisition of subsidiary, net of cash2 | –3 | (847,735,341) |
| Acquisition of financial assets at fair value through profit or loss4 | (731,207) | –3 |
| Purchase of intangible assets | (32,596,248) | (2,267,891) |
| Premium paid on hedges5 | (16,152,077) | (10,842,798) |
| Dividend income from financial assets at fair value through profit or loss (Note 28)6 | 9,843 | Not reported in this filing7 |
| Dividend received from an associate8 | –3 | 3,585,389 |
| Cash received from finance lease9 | 25,116,124 | 5,996,123 |
| Interest received | 224,413,819 | 505,685 |
| Net cash generated from/(used in) investing activities | 97,637,097 | (869,284,842) |
| Proceeds from borrowings | 1,022,815,217 | 2,236,904,097 |
| Repayment of borrowings | (863,137,162) | (752,930,279) |
| Lease payments | (7,226,972) | (3,659,958) |
| Restricted cash10 | 13,277,053 | (46,588,241) |
| Net cash generated from/(used in) financing activities | 165,728,136 | 1,433,725,619 |
| Net change in cash and cash equivalents | 295,696,453 | 29,160,690 |
| Cash and cash equivalents at the beginning of the year | 155,346,281 | 73,317,626 |
| Exchange (loss)/gain on cash and cash equivalents | (28,163,055) | 52,867,965 |
| Cash and cash equivalents at end of the year | 422,879,679 | 155,346,281 |
| Bank overdrafts11 | (17,003,069) | (66,428,996) |
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
Notes and alternative reported figures (10)
- “Gratuity benefit paid” is an issuer-specific line, not mapped to a shared definition: Operating cash outflow (note 37c).
- “Acquisition of subsidiary, net of cash” is an issuer-specific line, not mapped to a shared definition: Investing cash flow (note 41(d)).
- “Acquisition of financial assets at fair value through profit or loss” is an issuer-specific line, not mapped to a shared definition: Investing cash outflow (note 28).
- “Premium paid on hedges” is an issuer-specific line, not mapped to a shared definition: Investing cash outflow (note 21(b)).
- “Dividend income from financial assets at fair value through profit or loss (Note 28)” is an issuer-specific line, not mapped to a shared definition: Investing cash inflow (note 28).
- Not reported in this filing: Not printed for 2024: the line 'Dividend income from financial assets at fair value through profit or loss (Note 28)' carries a 2025 amount (9,843) only; the 2024 column is left blank (p27, checked on the page image).
- “Dividend received from an associate” is an issuer-specific line, not mapped to a shared definition: Investing cash inflow (note 19).
- “Cash received from finance lease” is an issuer-specific line, not mapped to a shared definition: Investing cash inflow (note 22iii).
- “Restricted cash” is an issuer-specific line, not mapped to a shared definition: Financing cash flow line as labelled.
- “Bank overdrafts” is an issuer-specific line, not mapped to a shared definition: Bank overdrafts in the analysis of cash and cash equivalents at year end, below the statement of cash flows (note 34).
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
No dividend statement or amount collected.
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
-
Oando PLC Audited Consolidated and Separate Financial Statements For the year ended 31 December 2025
Year ended 31 December 2025 · Annual report · signed / final
Audit: BDO Professional Services, Lagos, unmodified opinion · signed · includes a material-uncertainty paragraph
Auditor's sign-off: Henry B. Omodigbo (FRC/2013/PRO/ICAN/004/00000003977), for BDO Professional Services
Final status: The independent auditor's report (opinion PDF p12) is signed by hand for BDO Professional Services (FRC/2024/COY/398515) by Henry B. Omodigbo (FRC/2013/PRO/ICAN/004/00000003977), Lagos, dated 6 July 2026, with the ICAN seal (PDF p20, page image). The consolidated statement of financial position states approval by the Board on 26th May 2026 and carries visible signatures of Mr. Jubril Adewale Tinubu (Group Chief Executive) and Mr. Adeola Ogunsemi (Group Chief Financial Officer) (PDF p23, page image).
- Document date
- 6 Jul 2026
- Auditor's report
- 6 Jul 2026
- Board approval
- 26 May 2026
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025, FY2024
- Basis
- consolidated statements · NGN thousands (printed “N'000”)
- Group total equity is negative: (566,972,367) (2024: (360,979,377)) N'000 (p23).
- Key audit matters (consolidated statements) include accounting for measurement period adjustments relating to the NAOC acquisition (gain on bargain purchase N784.8 billion recognised in 2024 on provisional amounts) (p16). The 2024 comparatives are not labelled restated.
- TEXT LAYER DIFFERS FROM THE PRINTED PAGE (statement of other comprehensive income, PDF p22): for several rows the text layer gives the 2024 figure before the 2025 figure (e.g. exchange differences '(307,486,704) 46,435,791', total comprehensive profit/(loss) '(83,041,145) 250,749,567'), whereas the printed page shows 2025 46,435,791 and 250,749,567, 2024 (307,486,704) and (83,041,145); labels are detached from their rows. Read from the render; the printed figures are internally consistent (profit 204,808,573 + OCI 45,940,994 = 250,749,567).
- Basic and diluted profit per share printed in naira: 23 (2024: 18) (p21).
Technical details
- File
- 113 pages, with a text layer
- SHA-256
c057da0d059cf1aa64de7dd0bf494679c7360b1b19b01d8b01ee34ec0584d79e- Entity as printed
- Oando Plc ("the Company") and its subsidiaries (together, "the Group")
- Exchange copy
- retrieved 2026-10-08T18:01:57Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text; read from the page image) (16 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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