In its unaudited reports for the period ended December 2023 filed with the Nigerian Exchange Limited, Oando Plc., a Nigerian multinational energy company, rebounded from a N78.71 billion loss it recorded in 2022 to record a N74.7 billion gain in 2023.

The company then continued to improve on its figures and yesterday, news made the rounds that it had reached a market capitalisation of N1 trillion.

The landmark achievement followed a significant increase the company recorded in its share price when it rose by 207.6% in August.

READ ALSO: EXPLAINER: Why Fuel Queues Are Back

HOW DID THIS HAPPEN?

A closer look at Oando’s significant change in fortune revealed that, in early August, the company completed a $783 million acquisition of Nigerian Agip Oil Company, a subsidiary of Eni, an integrated energy company.

The announcement of the successful completion of the acquisition process in August led to an enormous increase in investor interest, driving up the company’s stock price and resulting in a trading volume of 547 million shares.

With such a feat, the energy company joined other Nigerian companies such as Zenith Bank, Dangote Cement and Bua Cement with stocks worth over N1 trillion.

THE OANDO STOCK

Records show that Oando was the company with the best-performing stock by the end of August. The company’s share price skyrocketed by 207.6% month-to-date in August.

As of market opening on September 3, in comparison to its August figures, the energy company’s stock had risen to over 700% year-to-date.

READ ALSO: EXPLAINER: Are Mental Illnesses Spiritual?

Oando’s stock continues to experience a strong price action as a result of its current performance.

Data from the Nigerian Exchange revealed that the energy company’s share price rose from an opening price of N76.9 to N84.55 on Monday, gaining 9.95% on the day.

The price surge increased Oando’s market value to N1.051 trillion, which is the indigenous energy company’s all-time high on the Nigerian Exchange.