Nigeria’s oil and gas industry remains one of the most important pillars of the country’s economy and is increasingly becoming one of the most compelling sectors for investors on the Nigerian Exchange Group (NGX).
After a volatile 2025, energy stocks have staged a strong comeback. By early 2026, the NGX Oil & Gas Index had surged more than 31%, significantly outperforming the broader market and signalling renewed investor confidence in the sector.
Several factors are driving this momentum:
• Rising indigenous ownership of oil assets.
• Strong corporate earnings from major operators.
• Ongoing reforms in Nigeria’s petroleum industry.
• Renewed investor interest in upstream energy companies.
As Nigeria’s energy landscape evolves, a handful of companies stand out for their scale, financial performance, and strategic positioning across the oil and gas value chain.
Here are five of the most prominent energy stocks listed on the Nigerian Exchange in 2026.
1. Seplat Energy Plc (SEPLAT)
Sector: Upstream Oil & Gas
Market Capitalisation (March 2026): Approximately ₦5.5 trillion
Seplat is Nigeria’s largest listed independent oil and gas producer and one of the most prominent upstream players on the Nigerian Exchange.
Founded in 2009 and dual-listed on the Nigerian Exchange and the London Stock Exchange (providing access to international capital), Seplat has evolved into Nigeria’s leading indigenous oil and gas producer.
The company experienced transformational growth in 2025 after consolidating key assets acquired from ExxonMobil’s Nigerian subsidiary, Mobil Producing Nigeria Unlimited (MPNU). This acquisition significantly expanded its production base, pushing annual revenue above $2.7 billion and strengthening its role in Nigeria’s upstream sector.
One of Seplat’s most significant recent milestones is the Assa North–Ohaji South (ANOH) gas project, capable of processing 300 million standard cubic feet of gas per day. With this development, Seplat’s total gas processing capacity now exceeds 850 MMscfd, positioning the company as a major player in Nigeria’s rapidly growing domestic gas market.
Investor sentiment also strengthened following a $500 million strategic investment by Heirs Holdings, which became the company’s largest shareholder.
Why investors watch it
- Largest independent upstream oil producer on the NGX.
- Strong production growth from major asset acquisitions.
- Dual listing provides access to international capital markets.
Key risk
As an upstream producer, Seplat’s earnings remain sensitive to global oil price volatility and foreign exchange fluctuations.
2. Aradel Holdings Plc (ARADEL)
Sector: Integrated Oil & Gas Service
Market Capitalisation (March 2026): Above ₦5 trillion
Aradel Holdings has rapidly emerged as one of the fastest-growing energy companies on the Nigerian Exchange.
Since listing in October 2024, the company’s stock has delivered remarkable gains, quickly turning it into one of the exchange’s most valuable firms. By early 2026, Aradel’s market capitalisation had surpassed ₦5.6 trillion, briefly overtaking Seplat as the most valuable energy company on the NGX.
Unlike many Nigerian energy companies that focus on a single segment of the value chain, Aradel operates an integrated energy model spanning upstream production, midstream processing, and downstream refining and distribution.
The company also runs one of Nigeria’s private modular refining operations, positioning it to benefit from the country’s push toward local refining and reduced fuel imports.
This strategy has translated into strong financial performance. In FY 2025, Aradel recorded significant revenue growth and improved profitability, driven by higher production levels and refined product sales.
Why investors watch it
- Integrated business model across the energy value chain.
- Strong earnings momentum.
- One of the fastest-appreciating large-cap stocks on the NGX.
Key risk
Rapid price appreciation may mean the stock is trading at elevated valuations, which could lead to volatility.
3. Oando Plc (OANDO)
Sector: Integrated Oil & Gas Service
Market Capitalisation (March 2026): Around ₦600 billion
Oando is one of Nigeria’s most historic energy companies, with origins dating back to 1956, when it operated as Unipetrol Nigeria Plc.
Today, the company operates across the entire oil and gas value chain, including exploration and production, petroleum product trading, gas distribution, and power generation.
A major turning point for the company came with the acquisition of Nigerian Agip Oil Company (NAOC) assets from Eni, financed partly by a $650 million facility from Afreximbank. This deal significantly expanded Oando’s upstream production footprint and boosted its long-term production capacity.
Financially, Oando PLC reported ₦3.21 trillion in revenue for full-year 2025, down 21% from ₦4.09 trillion in 2024, reflecting a strategic shift from low-margin trading to higher-margin crude and gas-focused operations.
Despite the revenue decline, the company’s Profit After Tax (PAT) rose 10% to ₦241.3 billion, supported by higher upstream production, impairment reversals, and tax credits, underscoring resilient profitability and operational discipline in a challenging market.
Looking ahead, Oando is pursuing an ambitious growth strategy. In 2026, the company applied to list 4.4 billion new shares through a rights issue, part of a broader plan to raise up to ₦500 billion to fund expansion.
Why investors watch it
- Large integrated energy company.
- Significant production expansion after NAOC acquisition.
- Major capital-raising plans to support future growth.
- Ambitious growth and capital-raising plans.
Key risk
Oando carries relatively high leverage, which can increase financial risk during periods of lower oil prices.
4. TotalEnergies Marketing Nigeria Plc (TOTAL)
Sector: Downstream Oil & Gas
Market Capitalisation (March 2026): Approximately ₦200 – ₦250 billion
TotalEnergies Marketing Nigeria represents one of the most established downstream energy brands in the country.
Operating in Nigeria since 1956, the company manages an extensive network of service stations and supplies petroleum products to businesses and aviation operators.
However, the downstream sector has faced increasing challenges in recent years following fuel subsidy removal, price volatility, and new domestic refining capacity.
In FY 2025, TotalEnergies Marketing Nigeria reported:
Revenue: ₦767.63 billion
Net Loss: Roughly ₦17 billion
Despite these pressures, the company remains strategically significant due to its:
- Strong brand presence
- Extensive retail and distribution infrastructure.
- Gradual diversification into solar and renewable energy solutions.
Why investors watch it
- Well-established national retail network.
- Strong brand recognition
- Potential long-term pivot into renewable energy.
Key risk
Downstream operators face margin pressure and price volatility in Nigeria’s fuel market.
5. Conoil Plc (CONOIL)
Sector: Downstream Oil & Gas
Market Capitalisation (March 2026): Around ₦100 – ₦140 billion
Conoil is another major player in Nigeria’s downstream energy sector, focused primarily on the marketing and distribution of petroleum products.
The company operates a network of fuel stations, depots, and supply channels that serve both retail customers and corporate clients across the country.
However, the company faced a challenging 2025 as rising finance costs and tighter margins weighed on profitability. Its share price also declined sharply during the year.
One notable strategic development was an asset swap agreement with TotalEnergies Marketing Nigeria, through which Conoil acquired an interest in upstream exploration assets.
This move potentially reshapes Conoil’s upstream exposure, creating new long-term opportunities beyond its traditional downstream operations.
Why investors watch it
- Established downstream brand with nationwide presence.
- Large distribution network
- Potential turnaround opportunity.
Key risk
The company carries higher financial risk and operational volatility compared with larger energy peers.
Final Thoughts
Nigeria’s energy sector is undergoing one of the most significant transformations in decades.
Several long-term trends are reshaping the industry:
• Increasing indigenous ownership of oil assets.
• Rising investment in natural gas infrastructure.
• Expansion of local refining capacity.
• Gradual movement toward renewable energy.
For investors, these changes create both opportunities and risks.
Companies like Seplat and Aradel are leading growth in upstream production and gas development, while Oando, TotalEnergies, and Conoil provide exposure to integrated operations and downstream fuel distribution.
As always, investors should conduct their own research before making investment decisions. Stock prices, market conditions, and company fundamentals can change quickly.
But one thing is clear: Nigeria’s energy sector will remain one of the most important investment themes on the NGX in the years ahead.
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