Iran war fuels ₦7.05tn H1 revenue boom for top Nigerian oil firms

Nigeria’s three largest listed upstream oil companies generated a combined ₦7.05 trillion in revenue in H1 2026, driven by the crude price rally from the US-Israel military campaign against Iran.

According to Nairametrics, Seplat Energy, Aradel Holdings and Oando Plc posted revenues of ₦2.50 trillion, ₦2.49 trillion and ₦2.06 trillion respectively, with combined pre-tax profit of ₦1.51 trillion. However, state-owned NNPC Limited’s profit fell 35.4% to ₦2.28 trillion despite the favourable pricing environment, as finance costs and operational factors weighed on its performance.