Shareholders call on TotalEnergies to adopt concrete strategies amid market distortions

Kayode Tokode 

Shareholders of TotalEnergies Marketing Nigeria Plc have called on the company’s management to implement clear strategies to address market distortions caused by domestic refineries.

During the virtual 48th Annual General Meeting, shareholders praised the management team for overcoming the challenges of the 2025 financial year and for maintaining resilience in the oil and gas sector.

The review came after a difficult 2025 fiscal year, in which TotalEnergies Marketing Nigeria reported revenue of N767.6 billion, a 26 percent decline from the N1.04 trillion recorded in 2024, and a loss of N12.5 billion, compared with a pre‑tax profit of N42.3 billion in 2024.

Moses Igbrude, National Coordinator of the Independent Shareholders Association of Nigeria, voiced concern over the sharp fiscal downturn.

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 percent and the company had a loss of 151 percent. 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.”

Chairman of TotalEnergies Marketing Nigeria, Mr Jean Philippe Torres, explained at the AGM that the disappointing figures were due to structural changes in the downstream sector, irregular supply chains, and aggressive competitor pricing following the introduction of domestic refining capacity.

He added, “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.”