Oando Plc, one of Africa’s biggestenergy companies, led by Nigerian energy tycoon Wale Tinubu, reported a sharp drop in nine-month revenue as Aliko Dangote’s $20 billion refinery began full operations, reshaping Nigeria’s downstream oil sector.
The company said revenue fell by N648 billion ($450 million), or 20 percent, to N2.54 trillion ($1.75 billion) in the first nine months of 2025, compared with N3.19 trillion ($2.2 billion) in the same period last year. In its investor update, Oando explained that the fall was mainly due to reduced gasoline imports as the Dangote Refinery increased production, improving Nigeria’s refined fuel supply.
To adapt to the changing market, Oando’s trading arm temporarily halted petrol marketing during the period, saying the refinery’s large-scale output had significantly altered local supply dynamics.
“Across our trading business, refined-product volumes remained under pressure because the Dangote refinery successfully met most of Nigeria’s fuel needs,” Wale Tinubu said. “We are now focusing on expanding global crude exports and maximizing pre-export financing opportunities, which continue to deliver strong results.”
Oando noted that with the refinery now ensuring steady domestic fuel availability, it is shifting attention toward more profitable crude and gas trading. The company plans to strengthen its trading operations by improving supply financing and exploring metals and gas opportunities as part of a broader strategy to build a stronger, diversified energy portfolio.
The company’s statement highlights a wider transformation in Nigeria’s oil market. Since September 15, the Dangote Refinery has been supplying around 20 million liters of petrol daily to the domestic market, helping the country reduce its long-standing reliance on imported fuel. Located near Lagos, the refinery has become one of Africa’s largest private-sector projects and a key part of Nigeria’s economic growth plans.
During a recent media briefing in Lagos, Aliko Dangote announced plans to expand the refinery’s capacity from 650,000 barrels per day to 1.4 million within three years. He said the expansion would be financed through internal cash flow, a potential public listing, and new partnerships. “This expansion shows our confidence in Nigeria’s future, our faith in Africa’s potential, and our commitment to achieving energy independence,” Dangote said.
When the expansion is completed, the Dangote Refinery will become the world’s largest, surpassing India’s Jamnagar complex. The project is expected to generate up to $55 billion in yearly revenue, boost Nigeria’s foreign reserves by cutting fuel imports, and increase polypropylene output to 2.4 million metric tons a year.
source: www.billionaires.africa
African Energy Council