Oando Plc reduced its borrowings to N2.16 trillion, 22 percent below the peak at the end of 2024. The Nigerian energy company said stronger cash flows and higher oil and gas output are helping it fund an expansion of its drilling program.
The company, which is listed in Lagos and Johannesburg, reported that cash generated from operations reached N285 billion in the nine months through September. It spent N110.7 billion on capital expenditure, mostly on drilling across oil mining leases 60 to 63.
The results mark a turnaround from a year earlier. Oando posted an operating profit of N159.7 billion, compared with an operating loss of N109.7 billion in the same period of 2025. Revenue rose 9 percent to N2.78 trillion, helped by…