Nigeria’s Oil Giants See Major Revenue Surge in 2024 as Top CEOs Reap Big Rewards

Nigeria’s Oil Giants See Major Revenue Surge in 2024 as Top CEOs Reap Big Rewards

In 2024, Nigeria’s oil and gas sector experienced robust financial growth, with five major players emerging as industry leaders based on revenue.

 These companies not only posted impressive profits but also highlighted the financial rewards of their top executives, reflecting a strong year for the energy sector.

Aradel Holdings claimed the top spot with a revenue of ₦581.0 billion, marking a 162.7% increase compared to the previous year. The company also recorded ₦247.8 billion in profit after tax, a dramatic 361.1% year-on-year jump. With total assets hitting ₦1.7 trillion and equity climbing nearly 98% to ₦1.4 trillion, Aradel demonstrated formidable growth.