Prime Business Africa
Four oil companies suffered a decline in their oil market share by revenue in 2025; two increased theirs, while the industry has a new market leader, according to Prime Business Africa’s (PBA) analysis.
The oil industry, based on the 2025 financial statements of the six listed companies on the Nigerian Exchange (NGX), recorded N9.38 trillion in revenue last year, surpassing the N7.99 trillion generated in 2024.
PBA gathered that the 17.36 percent year-on-year growth was driven by an increase in the turnover of Seplat Energies and Aradel Holdings, as Oando, Conoil, Total Energies Marketing Nigeria Plc, and Eterna recorded a decline in their revenue.
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Seplat
Seplat Energies has emerged as the oil market leader by revenue share, overtaking Oando, after the former’s turnover grew by 150.39 percent between January and December of last year.
The company reported N4.13 trillion in turnover in 2025, exceeding the N1.65 trillion generated between the first quarter (Q1) and the fourth quarter (Q4) of 2024.
According to PBA’s analysis, this increased Seplat’s market share to 44.05 percent, doubling from the 20.65 percent share held in 2024, representing a 23.40 percent surge, which pushed the company from the second place to the top spot on the list.
Note that as Seplat’s revenue grew threefold, so did the company’s cost of sales, which soared by 144.49 percent year-on-year, from N1.13 trillion to N2.76 trillion.
During the same period under review, Seplat reported a 91.43 percent growth in pretax profit, after achieving N755.50 billion in 2025, outstripping the previous year’s N394.66 billion.
Oando
Oando lost its position on the list, dropping from the first spot to the second, after the company’s revenue declined by 22.18 percent year-on-year, from N4.08 trillion to N3.18 trillion.
- Following the double-digit decline, Oando’s industry market share by revenue decreased by 17.21 percent, moving from 51.09 percent held in 2024 to 33.88 percent in 2025.
- It was gathered that the company’s cost of sales also decreased, nosediving to N3.18 trillion last year, compared to the N3.99 trillion expended in 2024, indicating a 20.29 percent decline.
- As Oando’s market share declines, the company’s profit before tax (PBT) fell to N135.75 billion in 2025, declining by 64.62 percent when compared to the N383.82 billion reached the year before.
Total Energies
Total Energies retained the third position despite a 4.85 percent decline in its market share, which dropped to 8.18 percent last year, below the 13.03 percent held in 2024.
- The decline in Total’s market share was driven by a 4.85 percent drop in the company’s revenue, which fell by 26.32 percent year-on-year, from N1.04 trillion to N767.63 billion.
- PBA’s analysis showed that the company’s cost of sales had also followed the same path, dropping to N685.55 billion in 2025, below the N926.15 billion incurred in the previous year.
- The 25.97 percent decline in cost of sales was not enough to prevent Total from suffering a N12.45 billion pretax loss last year, indicating the company failed to replicate the N42.25 billion PBT achieved in 2024.
Aradel Holdings
Aradel Holdings was ranked fourth on the list, as the company’s market share increased to 7.45 percent last year, rising marginally from the 7.27 percent share accounted for in 2024.
- The 0.18 percent rise in the company’s market share occurred after a 20.35 percent growth in Aradel Holdings’ turnover during the period under review.
- Aradel Holdings generated N699.43 billion in revenue between January and December of 2025, surpassing the N581.15 billion reported during the corresponding period in 2024.
- To earn the turnover, Aradel expended N391.22 billion on cost of sales within 12 months of last year, raising it from the N224.63 billion incurred in 2024.
- While the company’s cost of sales surged by 74.16 percent, pretax profit increased by 163.60 percent year-on-year, from N316.77 billion to N835 billion.
Eterna
At the end of 2025, Eterna’s market share dropped to 3.22 percent, compared to the 3.92 percent held by the company in 2024, reflecting a 0.70 percent decline, which placed the company on the fifth spot on the list.
- This followed a 3.54 percent decline in Eterna’s turnover, after the company earned N302.65 billion between the first quarter and the fourth quarter of this year, compared to the N313.77 billion grossed in 2024.
- While the company failed to grow its revenue, it also cound not tame expenses, as cost of sales gulped N287.17 billion in 2025, rising by 4.87 percent compared to the N273.82 billion sustained the year before.
- Regardless, Eterna managed to improve its profit before tax, which increased by 62.22 percent from N4.48 billion in 2024 to N7.27 billion the year after.
Conoil
Conoil generated N301.72 billion in turnover last year, below the N323.12 billion revenue recorded in 2024, representing a 6.62 percent decrease.
- According to PBA’s analysis, the decline in the topline affected Conoil’s market share, as it decrease to 3.21 percent in 2025, compared to the 4.04 percent recorded in 2024.
- Due to the 0.83 percent decline in Conoil’s market share, the company retained the sixth spot on the list of the companies with the highest market share in the oil industry.
- As the firm’s revenue declines, Conoil managed to keep its cost of sales low, as it dropped by 5.97 percent to N279.04 billion in 2025, from the previous year’s N296.77 billion.
- However, the decline was not enough, considering Conoil’s pretax profit nosedived to N2.67 billion last year, failing to surpass the N11 billion reached in 2024, indicating a 75.7 percent decline.
Meanwhile, the five most valuable oil companies on the NGX are Seplat, Aradel, Oando, Total, and Conoil.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
