The Nigerian Stock Exchange (NGX) continues to post strong gains in 2025, with the All-Share Index (ASI) climbing 39.84% year-to-date. At the forefront of this rally is the NGX Oil and Gas Index, building on its impressive 160% surge in 2024. Underpinned by the Petroleum Industry Act (PIA), downstream deregulation, and improved refining capacity, the oil and gas sector remains a magnet for investors seeking robust, risk-adjusted returns.
Here are the top five best-performing oil and gas companies on the NGX in 2025 ranked by actual and projected share price performance, market fundamentals, and strategic positioning.
1. Oando PLC: Leading the Upstream Charge
Oando maintains its dominance as the top-performing energy equity in 2025, with its share price rising 490.16% year-to-date from ₦66 to ₦389 as of May. This momentum follows its 528.57% rise in 2024, driven by the transformative $783 million acquisition of Nigeria Agip Oil Company (NAOC), which expanded its upstream capacity and reserves portfolio.
Why Invest?
Oando’s aggressive M&A strategy, upstream diversification, and alignment with government energy reforms offer high-return potential for growth-focused investors.
2. Seplat Energy PLC: Dual-Fuel Growth Play
Seplat continues its upward trajectory with 103.93% YTD gains from ₦5,700 to ₦11,600 by mid-2025. The company benefits from its balanced exposure to oil and natural gas, making it resilient amid global energy transition trends. It reported ₦366.7 billion in pre-tax profits for the nine months ended September 2024, with expectations of sustained double-digit earnings growth in 2025.
Why Invest?
Seplat’s strong financials, natural gas expansion, and dividend consistency make it a top pick for investors seeking long-term, sustainable returns in the energy sector.
3. Conoil PLC: Defensive Dividend Performer
Conoil ranks third with a 95% YTD price gain, moving from ₦387.20 to ₦755 by mid-2025. This follows a 361.50% surge in 2024, supported by its downstream dominance in fuel retailing and lubricants. The company posted ₦9.87 billion in PAT for FY 2023 and rewarded shareholders with a ₦3.50 dividend, a 40% increase.
Why Invest?
Conoil’s stable downstream operations and strong dividend yield make it a strategic option for conservative investors seeking both income and capital growth.
4. TotalEnergies Marketing PLC: Resilient Blue-Chip Bet
TotalEnergies posts a 93.36% increase in share price, from ₦698 to ₦1,350, as of mid-2025. Backed by a 95% YoY rise in Q2 2024 pre-tax profit, its efficient supply chain, extensive retail network, and brand reliability continue to drive market dominance amid increased refining capacity in Nigeria.
Why Invest?
TotalEnergies’ operational efficiency and brand equity make it a low-volatility stock for long-term investors looking for consistency in Nigeria’s deregulated downstream space.
5. MRS Oil Nigeria PLC: Downstream Revival Star
MRS Oil rounds out the list with 85% YTD share price appreciation, growing from ₦217.80 to ₦403 by mid-2025. The company capitalised on a 141.90% revenue boost and a 108.9% pre-tax profit rise in 2024, driven by robust PMS sales (which contribute 85% of total revenues). Strong Q1 2025 earnings reaffirm its growth momentum.
Why Invest?
MRS’s deep presence in retail marketing and volume driven growth model make it an attractive mid-cap stock in Nigeria’s downstream revival.
Sector Outlook: Why Energy Stocks Still Shine
Nigeria’s oil and gas equities are benefitting from:
- PIA enforcement and deregulation, enabling transparent pricing.
- Rising natural gas investments, including the Nigeria Morocco Gas Pipeline.
- Sustained global crude oil demand.
- A booming refining ecosystem, particularly with Dangote Refinery’s entry.
- A 55% surge in trading volumes in May 2025, signalling robust investor interest.
Together, these dynamics reinforce the oil and gas sector as the NGX’s most lucrative asset class in 2025.
How to Get Started
Retail investors can tap into these opportunities via Chaka, Risevest, or Bamboo with minimum investment thresholds of ₦1,000. These platforms also offer learning tools to build portfolio literacy and reduce entry barriers for first-time investors.
With strong fundamentals, strategic execution, and policy tailwinds, Oando, Seplat, Conoil, TotalEnergies, and MRS Oil are spearheading Nigeria’s energy equity boom. Whether your priority is aggressive growth, dividend income, or portfolio diversification, these five companies are well-positioned to deliver value in 2025 and beyond.
Disclaimer: Past performance is not indicative of future results. Always consult a licensed financial advisor before making investment decisions.