Seplat Power and Oando Plc each function in the identical oil and gasoline sector and have launched their unaudited outcomes for the nine-month interval ended September 30, 2025.
In October 2025, the month each corporations launched their outcomes, Seplat’s share worth climbed 10% month-on-month to shut at N5,917.20.
Since then, Seplat’s share worth has remained flat in November, an indication that the market is holding onto these features, because the sturdy outcomes proceed to resonate positively with traders
Alternatively, Oando’s share worth rose 4.4% in October 2025. Nevertheless, after Oando launched its Q3 2025 outcomes on October 30, its inventory has tumbled by 16.75% in November, pushing its year-to-date loss to 39.39%
On their {financial} efficiency, a better take a look at their 9-month {financial} outcomes reveals a transparent image:
Allow us to break it all the way down to learn how and why to begin the corporate’s profiles
Led by Roger Thompson Brown, Seplat has constructed sturdy manufacturing development and vitality transition.
Its core producing property below the Seplat/NPDC three way partnership OMLs 4, 38, and 41anchor its efficiency.
It additionally holds stakes in OMLs 40, 53, and 55 and is increasing offshore by way of its acquisition of Mobil Producing Nigeria Limitless (MPNU).
Seplat Power:
Within the first 9 months of 2025, Seplat Power delivered a powerful {financial} efficiency, posting a N146.6 billion post-tax revenue, greater than double the N52.8 billion it made in the identical interval of 2024.
Seplat’s gasoline operations, notably the Oben and Sapele vegetation, underpin home energy and trade provide. With manufacturing averaging over 135,000 barrels of oil equal per day (boepd) in 2025
Oando – Adewale Tinubu’s Oando is one among Nigeria’s oldest built-in vitality corporations, working by way of 14 oil and gasoline licenses throughout onshore, swamp, and offshore fields.
It additionally holds exploration stakes in São Tomé & Príncipe and Angola. With common output round 26,776 boepd, Oando’s ambition is to increase by way of asset acquisitions and manufacturing development.
Seplat’s landmark MPNU acquisition reworked it into one among Nigeria’s largest unbiased producers, including offshore capability and infrastructure.
Oando, in the meantime, reported a 59% bounce in manufacturing to 38,121 boepd in 9M 2025 and N210 billion revenue.
Within the first 9 months of 2025, Seplat Power produced a mean of 135,636 barrels of oil equal per day (boepd) greater than double its 2024 output of 52,393 boepd.
Oando Plc additionally elevated its manufacturing in 9M 2025, although from a smaller base.
Verdict: Seplat Power wins this spherical.
It’s translating reserves into tangible output and money stream, outpacing Oando’s still-developing restoration.
Between 2021 and 2024, Seplat’s income grew from N294 billion to N1.65 trillion (CAGR ≈ 78 %).
Oando’s turnover climbed from N805 billion in 2021 to N4.09 trillion in 2024 (CAGR ≈ 72 %), largely from buying and selling quite than manufacturing.
Verdict: Seplat Power wins once more.
Its revenues are production-based and sustainable; Oando’s stay trading-driven and cyclical.
Seplat’s gross revenue rose to N1.36 trillion in 9M 2025 (gross margin ≈ 40 %).
For Oando, regardless of N2.54 trillion in income, Oando’s gross revenue was solely N113 billion (margin ≈ 4 %) in 9M 2025
Verdict: Seplat Power gained
It converts gross sales into actual income by way of environment friendly manufacturing, whereas Oando struggles with risky, low-margin buying and selling earnings.
During the last 5 years, Seplat Power and Oando Plc have each made cash from oil, however how they’ve performed it’s one other factor.
Oando Plc – Income expanded massively, however income stemmed from non-operational objects: curiosity earnings, impairment reversals (N151 billion), and tax credit (N186 billion). Actual operational income stay inconsistent.
Oando Plc – Income expanded massively, however income stemmed from non-operational objects: curiosity earnings, impairment reversals (N151 billion), and tax credit (N186 billion). Actual operational income stay inconsistent.
It earns from manufacturing, not one-off features, demonstrating dependable, cash-backed profitability.
