Business
Oando Posts N1.8bn Profit In Q1
Oando Plc has posted a profit after tax of N1.82 billion for the first quarter as against N1.39 billion recorded in 2008 indicating a growth of 29.94 per cent.
According to the Nigerian Stock Exchange (NSE) weekly report, the company’s unaudited result showed a turnover of N77.53 billion in 2008 representing an increase of 11.78 per cent.
The group’s turnover rose by 83 per cent to N339 billion from N186 billion in 2007 while its gross profit was up by 59 per cent to N11 billion from N7 billion in 2007.
The energy company’s gross profit margin expanded by 85 per cent to N40 billion, profit attributable to ordinary shareholders rose by 53 per cent to N8 billion from N5 billion in 2007 while earning per share grew to N9.90 from N7.24.
Analysts said the group’s performance exceeded their turnover and PAT expectations of N237.94 billion and N7.14 billon respectively.
They said the company’s profitability margins stood at 3.20 per cent (PBT) and 2.46 per cent (PAT), a dip from 3.67 per cent and 2.95 per cent in the full year of 2007. They attributed the drop to the dip in the margins of its refining and marketing division.
The company attributed the improved performance according to reports, to efficient initiatives which improved performance in traditional marketing and non-marketing business lines especially the upstream operation which contributed strongly on earnings.
During the review year, the reports said the company concluded on the purchase of two rigs which an additional rig was brought during the year and also acquired significant stake in offshore blocks OML 125 & 134.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
