SECTOR GUIDE · OIL AND GAS
Nigerian oil and gas stocks, compared
The energy names side by side
Figures as of the 20 Oct 2026 close. Click a ticker for the full stock page.
| Company | What it does | Price | Market value |
|---|---|---|---|
| SEPLAT | Oil and gas production (upstream) | ₦16,000.00 | ₦9.6tn |
| ARADEL | Oil and gas production, refining | ₦1,500.00 | ₦6.5tn |
| OANDO | Energy group: upstream and trading | ₦34.45 | ₦428.3bn |
| TOTAL | Fuel marketing: stations, lubricants | ₦518.40 | ₦176.0bn |
| CONOIL | Fuel marketing | ₦210.00 | ₦145.7bn |
| ETERNA | Fuel, lubricants and gas marketing | ₦38.90 | ₦50.7bn |
| JAPAULGOLD | Gold mining and mineral ventures | ₦2.51 | ₦35.8bn |
What the numbers are saying
- The dollar pair runs the sector: Seplat (also listed in London) and Aradel sell crude and gas at world prices and report in dollars. Their earnings rise with the oil price, and a weaker naira flatters them further. Nairaview’s valuation dataset is built on naira-reported results, so neither carries an earnings multiple here yet: that is a data boundary, stated plainly, not a judgement on the companies.
- The marketers are being squeezed and reshaped: subsidy removal ended the old economics, and supply from the Dangote Refinery is rewriting how fuel reaches the pump. Conoil’s FY2025 profit fell by about three-quarters as its finance costs more than doubled. TotalEnergies Marketing lost ₦17.2bn in FY2025. Eterna was the exception: profit up to ₦2.92bn, worth about 17.4x one year’s earnings at the current price.
- Oando is the story stock: after buying Eni’s Nigerian onshore assets it is a producer as well as a trader, and the largest name outside the big two. Its results history is volatile, which is exactly why this site waits for clean audited figures before putting a multiple on it.
- Sector labels lie: Japaul Gold sits in this sector but is really a gold and minerals venture, priced on exploration hopes rather than fuel. Always read what the company does before trusting the category it is filed under.
- What moves the whole board: upstream, the Brent crude price, production volumes and pipeline downtime. Downstream, pump prices, the exchange rate and how much supply the Dangote Refinery pushes into the market. The two halves can move in opposite directions on the same headline.
Quick summary
- Seplat and Aradel are 95% of the sector and earn in dollars; treat them as oil-price plus currency exposure.
- The marketers are a naira margin business under reconstruction: one loss, one profit collapse, one grower in FY2025.
- Check which half of the sector a stock sits in before comparing its numbers to a peer’s.
Go deeper
Sources: Nairaview market data (Nigerian Exchange), 20 Oct 2026 close; FY2025 results as reported: Eterna audited results via Leadership, Conoil via BusinessDay, TotalEnergies from the Nairaview valuation dataset. Verified 21 Oct 2026. Not investment advice.