Oando Plc closed out 2025 with a headline profit of N204.8 billion, but the number obscures a company that its own auditors say may not survive the year ahead without emergency shareholder support.
Oando, one of Africa's largest indigenous energy companies by assets, posted a 22 percent decline in revenue to N3.18 trillion in 2025 from N4.09 trillion a year earlier. Gross profit went negative to a N2.76 billion loss, meaning Oando lost money on the basic business of selling what it produces and trades, before a naira of overhead, interest or
