Oando PLC, one of Africa’s largest energy companies, led by Nigerian energy mogul Wale Tinubu, said its nine-month revenue fell sharply as domestic fuel supplies from Aliko Dangote’s $20 billion refinery began in full, reshaping Nigeria’s downstream oil market.
■ Dangote Refinery cuts Oando fuel sales
The company reported that revenue dropped by N648 billion ($450 million), or 20 percent, to N2.54 trillion ($1.75 billion) in the first nine months of its 2025 fiscal year, from N3.19 trillion ($2.2 billion) a year earlier. In its statement to investors, Oando said the decline was “primarily due to the reduction in gasoline imports following the ramp-up of the Dangote Refinery, which has positively improved Nigeria’s refined-product supply.”
To adjust to the new reality, Oando’s trading division temporarily paused its petrol marketing operations during the period, noting that the refinery’s full-scale production had significantly changed supply patterns in the country.
“Across our trading business, refined-product volumes remained under pressure, largely because of the expected success of the Dangote refinery in meeting Nigeria’s fuel demand,” Wale Tinubu said. “Our focus has therefore shifted to expanding global crude exports and leveraging pre-export financing arrangements, areas where we continue to see strong results.”
■ Oando refocuses on crude, gas trading
Oando added that with Dangote’s refinery now playing a central role in stabilizing local fuel availability, it has redirected its efforts toward higher-margin crude and gas trading. The company said it plans to strengthen its trading arm by improving supply financing structures and exploring opportunities in metals and gas, part of a wider plan to build a balanced and resilient energy portfolio.
The company’s statement underscores the broader shift taking place in Nigeria’s oil industry. Since September 15, Dangote Refinery has been supplying an average of 20 million litres of petrol daily to the domestic market, helping reduce the country’s decades-long dependence on imported fuel. The refinery, located on the outskirts of Lagos, is now one of the largest private-sector projects in Africa and a key pillar of Nigeria’s economic strategy.
■ Dangote targets global lead with refinery upgrade
At a recent media briefing in Lagos, Dangote said the refinery’s capacity would be expanded from 650,000 barrels a day to 1.4 million within three years. He said the upgrade would be funded through a mix of internal cash flow, a possible public listing, and partnerships with investors.
“This expansion reflects our confidence in Nigeria’s future, our belief in Africa’s potential, and our commitment to energy independence for the continent,” Dangote said
Once completed, the expansion would make the facility the world’s largest refinery, surpassing India’s Jamnagar complex. The plant is projected to generate up to $55 billion in annual revenue, strengthen Nigeria’s foreign exchange reserves by cutting fuel imports, and increase polypropylene output to 2.4 million metric tons a year.
