Top Five Nigerian Oil Companies By Revenue Market Share

Top Five Nigerian Oil Companies By Revenue Market Share

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Despite the scarcity of Premium Motor Spirit (PMS) in 2022, which led to some retailers shutting down their outlets, the revenue generated by the oil sector grew by 32.61 per cent.

According to the financial statements of six oil companies analysed by Prime Business Africa, the firms reported a combined turnover of N1.02 trillion between January to September last year, surpassing the N776.61 billion recorded in the corresponding period in 2021.

The industry analysis, which covered Total, Seplat, Conoil, MRS Oil, Ardova and Eterna, showed that only Conoil suffered a drop in revenue, as its turnover fell by 1-0.58 per cent. 

Also, the industry’s bottom line followed the upward path, recording 72.16 per cent year-on-year, as it closed September 2022 with N95.16 billion, in contrast to the N55.27 billion net profit reported a year before. 

During that period, Ardova reported a loss in its bottom line, while Total recorded a decline of -6.58 per cent in its profit after tax.

Top Five Nigerian Oil and Gas Companies

This list was compiled based on each company’s revenue market share as gathered by Prime Business Africa during the period in review.


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Total holds the largest revenue market share in the Nigerian oil and gas industry, accounting for 32.74 per cent as of the end of the third quarter of 2022 when its revenue closed at N337.18 billion. 

  • In the first nine months of last year, Total’s revenue grew by 39.20 per cent when compared to the N242.22 billion the company generated in the same period of 2021. 
  • However, while Total was able to grow its revenue, the company’s net profit dipped by -6.58 per cent, having generated N13.38 billion in 9months of 2021, but grossed N12.50 billion last year. 


With N258.70 billion generated as turnover between January to September 2022, Seplat closed the 9-month period as the second largest revenue market share, accounting for 25.12 per cent. 

  • Seplat grew its market share from 23.53 per cent held in 9months of 2021, a year the company grossed N182.70 billion in revenue. This means it recorded 41.60 per cent year-on-year growth.
  • The domestic oil company also reported growth in the bottom line, as its profit after tax for 9months last year was N77.50 billion, which is a 100.78 per cent increase when compared to the previous year’s N38.60 billion. 
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Ardova accounts for 17.73 per cent of the oil industry’s revenue market share, which represents N182.59 billion generated within the first and third quarters of 2022. 

  • After surpassing the N136.10 billion reported for the first nine months of 2021 by 34.16 per cent, its market share grew from 17.53 per cent. 
  • However, Ardova suffered a N4.34 billion loss in the bottom line during the 9months of last year, as it failed to replicate or surpass the N1.24 billion net profit grossed in the corresponding period in 2021. 


In terms of the revenue market share structure, Eterna is far behind Total, Seplat and Ardova, holding just 8.93 per cent portion of the industry’s turnover. 

  • Eterna was able to hold 8.93 per cent of the market share after ending September 2022 with N91.93 billion, which is 49.80 per cent above the N61.37 billion generated in the same period a year before. 
  • Also, the oil company recorded a significant growth in its profit after tax, rising from N415.98 million net profit recorded in 2021, representing a 245.55 per cent increase, to N1.43 billion last year. 
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Conoil is the fifth largest revenue market share holder in the oil industry, with its N90.29 billion turnover between January to September 2022 handing it 8.77 per cent of the share. 

  • Although Conoil accounted for 13 per cent market share during the same period in 2021, but due to its revenue plummeting from N100.97 billion to N90.29 billion last year, the firm’s market share also depreciated. 
  • Meanwhile, Conoil’s profit after tax rose by 84.16 per cent, after posting N2.93 billion within the first nine months of 2022, which is above the N1.59 billion grossed in the corresponding period of 2021.
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