Kayode Tokode

Shareholders of TotalEnergies Marketing Nigeria Plc have urged the management of the company to deploy concrete strategies to navigate market distortions triggered by domestic refineries.

Speaking at the company’s virtual 48th Annual General Meeting (AGM), the shareholders, however, commended the management for overcoming 2025 financial year challenges and remaining resilience in the oil & gas sector.

The review followed a challenging 2025 fiscal year, which saw TotalEnergies Marketing Nigeria reported a N767.6 billion revenue, which is 26 per cent drop from N1.04trillion reported in 2024 and a loss of N12.5 billion in 2025 from N42.3 billion profit before tax reported in 2024.

The National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, expressed concern over the steep fiscal drop.

He said, “TotalEnergies is a lover of Nigeria; despite everything over the years, you have been treating shareholders well, but things have changed now. Revenue reduced by 25 per cent and the company had a loss of 151 per cent. Which strategy are you putting in place to make sure that this thing does not happen again going forward? Re-energise your strategy so we come back fully into dividend payments.”

The Chairman of TotalEnergies Marketing Nigeria, Mr Jean Philippe Torres, at the AGM explained that the underwhelming numbers resulted from structural shifts in the downstream architecture, erratic supply lines and aggressive competitor pricing following the entry of domestic refining capacity.

He said, “The downstream market in the country has dramatically changed with the refinery coming on stream. Some operators decided to start price wars during a big part of the year, which obviously had a significant impact on our sales and also on the margins. The volatility of the FX during the whole year also exposed the company to high and negative stock effects.”