Nigerian lawyer Gbenga Oyebode-led Okomu Oil sees profit double on $118 million revenue

Okomu Oil, which has evolved from a modest plantation into a listed agro-industrial player under Nigerian lawyer and businessman Gbenga Oyebode, posted strong results for the first nine months of 2025, with profit more than doubling as demand for its products rose sharply.

Revenue climbs 67%, profit up sharply

The company reported revenue of N173.95 billion ($118.5 million) for the nine months ended Sept. 30, up from N103.95 billion ($70.8 million) a year earlier. The increase was driven by higher sales of palm oil, palm kernel oil, palm kernel cake, banga, and rubber cup lumps.

Okomu Oil’s profit after tax surged to N60.33 billion ($41.1 million) from N28.34 billion ($19.3 million) in the same period of 2024. Stronger output, stricter cost control and increased operational efficiency were cited by the company as the reasons for the increase in earnings.

Okomu keeps expenses within target

Input costs and operating expenses stayed within target levels even though production increased. While finance costs decreased to N2.32 billion ($1.58 million) from N8.75 billion ($5.96 million), net operating expenses increased somewhat to N25.97 billion ($17.7 million) from N18.12 billion ($12.3 million).

Okomu Oil’s performance reflects Oyebode’s emphasis on disciplined management and sustainable practices. It runs about 19,000 hectares of oil palm plantations and makes about 74,000 tonnes of palm oil each year, which it sells to food and cosmetics manufacturers. Its rubber operations, covering 7,334 hectares and yielding more than 9,000 tonnes of dry rubber provide a stable revenue stream that helps cushion price swings in the palm oil market.

Okomu Oil expands, strengthens balance sheet

Beyond its financial results, Okomu Oil remains a major employer in Edo State, with more than 7,400 direct and indirect workers supporting local economies and households. Oyebode who chairs the company and holds a 4.37 percent stake—equal to 41.67 million shares worth about N42.5 billion ($28.7 million)—continues to guide the firm’s long-term growth strategy.

Okomu Oil's total assets increased from N76.99 billion ($52.4 million) at the end of 2024 to N86.47 billion ($58.6 million) as of September 30 2025. Retained earnings rose to N60.87 billion ($41.5 million), while net assets increased to N62.4 billion ($42.5 million).