Oando teaches N1 trillion market cap after 435.9% stock surge

Oando, a major player in Nigeria’s oil and gas sector, has reached a market capitalization of N1 trillion, placing it among an exclusive group of companies in the country.

This achievement follows a remarkable 435.9% surge in the company’s share price during August 2024.

The dramatic increase in Oando’s stock value was driven by heightened investor interest, spurred by the company’s announcement of a $783 million acquisition of Nigeria Agip Oil Company (NAOC), a subsidiary of Eni. The announcement led to a trading volume of 547 million shares, further propelling the company’s market valuation.

Oando’s inclusion in the “Stocks Worth Over One Trillion” (SWOOTS) club aligns it with other top firms such as Zenith Bank, SEPLAT, BUA Cement, and Dangote Cement. In August, Oando was the best-performing stock on the Nigerian Exchange, with its share price skyrocketing 435.9% month-to-date.

On August 22, 2024, Oando officially confirmed the completion of the NAOC acquisition, which is expected to significantly boost its production capacity. Wale Tinubu, Group Chief Executive of Oando PLC, described the acquisition as the culmination of a decade of hard work and a pivotal moment for the Nigerian energy sector.

Amidst its growth, Oando has also taken a firm stance against misinformation, recently announcing plans for legal action against parties spreading false information about its acquisition of NAOC.