Shareholders of TotalEnergies Marketing Nigeria Plc will not receive dividends for the 2025 financial year after the company recorded a loss of N13.853 billion, blaming the downturn on the prolonged petrol price war that disrupted operations across the downstream petroleum sector.
The company announced the decision during its 48th Annual General Meeting (AGM), held virtually, where management outlined the financial challenges that affected performance in 2025. The loss marked a sharp reversal from the N27.496 billion profit recorded in 2024, highlighting the impact of changing market conditions and increased competition in Nigeria’s fuel distribution industry.
Chairman of the company, Jean-Phillipe Torres, said the downstream petroleum industry experienced one of its most difficult periods in recent years. According to him, turnover declined by 26 percent to N767.63 billion in 2025, compared with N1.041 trillion recorded in 2024.
Torres attributed the weak performance largely to the ongoing petrol price war, which intensified following shifts in the market and the emergence of new refining capacity. He explained that sustained price competition and instability in petroleum product pricing created significant pressure on margins and profitability.
“The year 2025 witnessed unprecedented challenges across our sector, which had a significant impact on our performance, and unfortunately, this was reflected in our financial results,” Torres said. As a result of the losses, the Board of Directors did not recommend any dividend payment for shareholders.
Torres said the decision was necessary to preserve financial stability and support the company’s long-term sustainability strategy. He noted that management remains focused on rebuilding profitability and creating conditions that would allow the company to resume attractive shareholder returns in the future.
Several shareholders, including Matthew Akindele, Martina Amadi, Bright Nwabuogu and Bisi Bakare, expressed concern over the company’s performance and the absence of dividend payments.
They urged management to strengthen operational efficiency and improve earnings performance to help the company recover from the effects of the petrol price. The shareholders also called for measures to reduce finance costs after the company’s net finance expenses rose by 9.42 percent during the year.
Despite current challenges, Torres expressed optimism about the company’s prospects.
He said improving macroeconomic conditions and a more stable fuel supply environment could support recovery in 2026, although the effects of the petrol price war may continue to influence market performance. According to him, the company’s restructuring efforts and workforce capabilities position it to pursue stronger financial results in the coming years.
While shareholders face the disappointment of losing dividend income for 2025, TotalEnergies says it remains committed to restoring profitability and delivering sustainable value. The company believes improved market conditions and strategic adjustments could help drive recovery as competition within Nigeria’s downstream petroleum sector continues to evolve.
