Both Seplat Energy and Oando Plc operate in Nigeria’s oil and gas sector and recently released their results for the nine-month period ended September 30, 2025.
In October 2025, Seplat’s share price rose by 10% month-on-month to close at ₦5,917.20. Since then, it has remained stable in November, suggesting that the market is holding on to the gains as strong results continue to resonate. Meanwhile, Oando’s share price rose by only 4.4% in October, but after releasing its Q3 results on October 30, it tumbled by 16.75% in November, pushing its year-to-date loss to 39.39%.
Seplat Energy, led by Roger Thompson Brown, has maintained strong production growth while pushing its energy-transition agenda. Its main producing assets under the Seplat/NPDC joint venture anchor its performance, while additional stakes in other fields and its offshore expansion through the acquisition of Mobil Producing Nigeria Unlimited continue to drive growth.
Oando Plc, one of Nigeria’s oldest integrated energy firms headed by Adewale Tinubu, holds multiple oil and gas licences across onshore, swamp, and offshore fields, with exploration stakes in São Tomé and Angola. With average output around 26,776 barrels of oil equivalent per day, Oando is pursuing growth through asset acquisitions and production expansion.
Seplat produced an average of 135,636 barrels of oil equivalent per day in the first nine months of 2025 — more than double its 2024 output. This surge came from improved uptime, ramped-up offshore operations, and stronger gas output from its Oben and Sapele plants. Oando averaged 38,121 barrels of oil equivalent per day during the same period, up 59% from the previous year. This growth was driven by improved performance in its joint venture assets and key fields that benefited from fewer shutdowns. Seplat leads the production race as it is turning reserves into tangible output and cash flow, while Oando is still playing catch-up.
Seplat recorded a gross profit of ₦1.36 trillion in 2025, representing about 40% in gross margin, and an operating profit of ₦1.1 trillion. Although its finance costs doubled, the company’s core operations remain solid. Oando, on the other hand, posted a gross profit of only ₦113 billion, representing about 4% in gross margin, and an operating loss of ₦109.7 billion after a fair-value loss on assets. Seplat converts its sales into real profits through efficient production, while Oando’s earnings remain thin and unstable.
As of the third quarter of 2025, Seplat’s total assets stood at ₦6.18 trillion, with equity of ₦1.84 trillion and borrowings of ₦1.41 trillion. Its debt-to-equity ratio of 0.77 times and operating cash flow of over ₦1.56 trillion place it in a strong financial position. Oando’s assets totalled ₦6.77 trillion, but it had negative equity of ₦168 billion and borrowings of ₦2.47 trillion, indicating over-leverage and liquidity challenges.
Seplat has maintained a consistent dividend policy, paying shareholders quarterly. By the third quarter of 2025, it had paid about 167 US cents per share, making it one of Nigeria’s top dividend-paying companies. Oando, however, has not paid a dividend in nearly a decade due to high debt and weak profitability. Seplat stands out as the stronger option for investors with a healthy balance sheet and consistent shareholder returns.
Seplat’s market capitalization is around ₦3.55 trillion, with shares trading at ₦5,917.20 — up 3.8% year-to-date. Its earnings multiple and valuation indicate market confidence in its long-term performance. Oando’s market capitalization is around ₦497 billion, with shares down nearly 40% year-to-date. Its negative net assets reflect weak investor sentiment and poor fundamentals. Seplat trades at a justified premium backed by strong fundamentals, while Oando remains discounted due to uncertainty.
Across all major metrics — production, profitability, revenue quality, debt profile, and investor returns — Seplat emerges as the clear winner. Its disciplined execution, solid balance sheet, and consistent returns place it ahead of Oando in Nigeria’s oil and gas sector.