Aradel, Oando, and Seplat accounted for over 93% of ₦730.7bn profit posted by Nigeria’s listed oil & gas firms in 2024

Key Takeaways:

  • Aradel Holdings led with ₦247.79 billion in PAT, marking a 361% year-on-year growth.
  • Oando and Seplat Energy followed with ₦220.12 billion and ₦214.25 billion in PAT, respectively.
  • Eterna Plc recorded a significant turnaround with 114% year-on-year growth, recovering from a loss in 2023.
  • The sector experienced widespread profitability gains, reflecting stronger market dynamics and operational improvements.
  • Profit after tax growth across the sector ranged from 15% to 361%.
  • Nigeria's oil & gas sector delivered a combined profit totalled ₦730 billion in 2024.

Nigeria’s oil and gas sector posted an impressive ₦730.7 billion in combined profit after tax (PAT) in 2024, underlining a strong recovery and operational resilience. Aradel Holdings led the sector with a staggering 361% year-on-year PAT growth, reaching ₦247.79 billion. Oando and Seplat Energy followed closely, reporting ₦220.12 billion and ₦214.25 billion, respectively. Together, the three companies accounted for 93.4% of total sector profits.

TotalEnergies delivered a solid ₦27.5 billion, reflecting a 113% increase from the previous year. Conoil and MRS Oil also posted positive growth of 15% and 60%, respectively. Meanwhile, Japaul Gold and Eterna Plc made notable gains, with 164% and 114% PAT growth, despite reporting relatively modest figures of ₦1.83 billion and ₦1.35 billion.

Source:

NGX, Company’s Financial Report

Period:

2024
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Nigeria’s public debt has soared since 2010, with domestic debt up 2,020% and external debt up 1,000% by mid 2025
  • Nigeria’s domestic debt jumped from ₦3.8 trillion in 2010 to ₦80.55 trillion by mid-2025.
  • Foreign debts increased from $4.27 billion in 2010 to $46.98 billion in 2025, reflecting growing reliance on external financing.
  • Debt accumulation surged notably after 2020, coinciding with pandemic spending, naira depreciation, and higher fiscal deficits.
  • The widening gap between revenue and debt service raises questions about Nigeria’s long-term debt sustainability.
Borno records lowest domestic debt in North-East Nigeria at ₦22.3 billion in Q2 2025
  • The six North-Eastern states collectively owe around ₦450 billion in domestic debt as of Q2 2025.
  • Borno State maintains the lowest debt in the region at ₦22.3 billion, showing signs of controlled borrowing amid post-conflict rebuilding.
  • Bauchi State has the highest domestic debt burden of ₦143.6 billion, accounting for about 31% of the region’s total.
  • The top three states, Bauchi, Taraba and Gombe, collectively account for more than two-thirds of the zone’s total subnational debt stock.
In just six months, Nigeria spent over $2.3 billion servicing external debts
  • Nigeria paid $816.3 million to the International Monetary Fund, accounting for over 35% of total external debt service payments.
  • Eurobond payments followed closely, with $687.8 million paid, reflecting Nigeria’s heavy reliance on commercial debt instruments.
  • Multilateral lenders like IDA and AfDB collectively received about $463 million, signalling continued exposure to concessional financing.
  • China’s share shrinking: Payments to Chinese lenders (EXIM + CDB) totalled $235.6 million, less than 11% of total outflows, suggesting reduced Chinese debt servicing in H1 2025.
Over 60% of Nigeria’s ₦1.7 trillion domestic debt service in Q2 2025 was spent on Federal Government Bonds
  • FGN bonds dominated: ₦1.07 trillion went to Federal Government Bonds, accounting for about 63% of total domestic debt servicing.
  • Treasury bills followed: Payments on NTBs reached ₦537.9 billion, making up roughly 31% of the total.
  • Sukuk and promissory notes together cost ₦90.8 billion, reflecting Nigeria’s mix of infrastructure and settlement instruments.
  • Green and savings bonds remained minimal, together below ₦5 billion, showing limited traction for retail and sustainability-focused debt.
93% of Nigeria's public debt is owed by the Federal Government
  • The Federal Government’s share of total public debt rose from 79.5% in 2019 to 92.6% in 2025.
  • States’ share has more than halved, from 20.5% to 7.4% in six years.
  • Total public debt grew from $83.9 billion to $99.7 billion, peaking at $113.4 billion in 2023.
  • Nigeria’s debt burden is increasingly concentrated at the centre, amplifying federal repayment risks and reducing fiscal independence for states.
Over 60% of Nigerians use crypto for savings and long-term investing
  • Wealth-building dominates motivation: 45.4% cite “active wealth building” as their primary motive, and an additional 21.8% cite “long-term financial security”.
  • Payments and utility are minor drivers: Only 3.3% report “daily utility” and 2.2% “digital commerce” as their chief motive for using crypto.
  • Hedging and cross-border flows matter: 8.7% use crypto for currency hedging, and 4.1% for cross-border payments, showing a dual role of investment plus international value flows.
  • Nigerian retail users treat crypto like a conventional financial instrument rather than only as a means of payment or speculation.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved