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
Lagos had one licensed cinema for every 337,000 people in 2025
  • Lagos alone hosts 51 licensed cinemas, accounting for over half of all exhibition premises in the dataset.
  • The next three states—Ogun, FCT, and Rivers—combined have just 30 cinemas.
  • Only five states have five or more licensed cinemas, highlighting strong geographic concentration.
  • Several large states have two cinemas or fewer, pointing to limited formal exhibition infrastructure outside key urban hubs.
Nigeria beats Egypt to win AFCON bronze medal, extending its record to nine third-place finishes
  • Nigeria extends its AFCON bronze medal wins to nine, the highest in men’s AFCON history, with another podium finish.
  • The win over Egypt highlights Nigeria’s resilience, turning late-stage setbacks into tangible success.
  • Bronze medals remain rare for most nations, with the majority appearing only once or twice in AFCON history.
Nigeria’s power grid is 69.9% powered by thermal plants
  • Thermal energy dominates Nigeria’s grid, supplying 69.9% of total power.
  • Hydro plants contribute 30.1%, making them the country’s second major source.
  • The heavy reliance on thermal generation shows Nigeria’s grid is still largely fossil-fuel driven.
  • Hydro remains a crucial but secondary source, supporting overall supply stability.
Nigeria's DisCos recorded ₦360bn revenue gap after collecting ₦1.12tn from ₦1.49tn billed in H1 2025
  • DisCos billed approximately ₦1.49 trillion but collected only ₦1.12 trillion in H1 2025.
  • Ikeja and Eko DisCos generated the highest revenues, collecting ₦206.22 billion and ₦210.59 billion, respectively.
  • Revenue collection gaps remain significant, with Jos, Kaduna, and Yola posting the weakest collection performances.
  • The wide gap between billings and actual collections suggests persistent challenges in customer payment compliance, metering, and distribution efficiency.
Nigeria has installed 3.65 million electricity metres since 2019; Ikeja DisCo leads with 823,000, and Aba Power at the bottom with 56,000
  • Approximately 3.65 million metres have been installed nationwide across all frameworks since 2019.
  • Ikeja DisCo leads by a wide margin with 823,000 installations, over twice the volume of most other DisCos.
  • Kaduna, Yola, and Aba Power recorded the lowest metre installations, each below 100,000.
  • The disparities in installation totals reveal uneven progress in achieving nationwide metering coverage.
More than 8 in 10 electricity customers of Ikeja and Eko DisCos are now metered
  • Ikeja (84.6%) and Eko (83.3%) lead Nigeria’s metering performance, keeping unmetered customers below 17%.
  • Eight out of the twelve DisCos have metering rates below 60%, showing a wide sector imbalance.
  • The worst-performing DisCos — Yola, Jos, Kaduna, and Kano — have over 65% unmetered customers.
  • Regional disparities are sharp: Lagos and Abuja outperform northern and south-eastern DisCos by large margins.
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