Shareholders of TotalEnergies Marketing Nigeria Plc have been left without dividend payments for the 2025 financial year after the company reported a significant loss, blaming an intense fuel price war and broader market disruptions for the decline in earnings.
The company announced a loss after tax of N13.853 billion for the year ended December 31, 2025, marking a sharp reversal from the N27.496 billion profit recorded in 2024. The disappointing result also prompted the Board of Directors to withhold dividend payments, a decision that drew concern from shareholders who urged management to take urgent steps to restore profitability and investor returns.
Speaking at the company’s 48th Annual General Meeting, held virtually, Jean-Phillipe Torres described 2025 as one of the most challenging periods in the history of the downstream petroleum sector. According to him, the fuel price war significantly disrupted operations and weakened financial performance across the industry. He disclosed that the company’s turnover fell by 26 percent, dropping from N1.041 trillion in 2024 to N767.63 billion in 2025.
“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.
The chairman attributed much of the industry turbulence to persistent pricing battles and instability in the petroleum products market. He noted that the entry and growing influence of the Dangote Refinery reshaped competition within the downstream sector, creating new market realities for operators.
According to Torres, the resulting fuel price war placed considerable pressure on margins and revenue generation, making it difficult for companies to maintain profitability. As a result, the board decided against recommending a dividend payment for shareholders.
“Though difficult, this decision reflects our commitment to prudent financial management and the long-term sustainability of the business. We remain focused on restoring profitability and creating the conditions that will enable us to restore good returns on investment in the future,” he stated.
Despite the challenging financial outcome, management expressed confidence that the company remains well-positioned for future growth.
Torres said TotalEnergies has continued to strengthen its operational structure and workforce capabilities to navigate market challenges and seize emerging opportunities. Looking ahead, he projected improved macroeconomic conditions and a more stable supply chain environment in 2026.
“The outlook for 2026 points to improved macroeconomic stability and a more stable supply chain in the downstream sector, although the lingering effects of the ongoing price war may persist,” he said. He added that the company’s restructured operations and experienced workforce would support efforts to deliver stronger financial results and improved returns for investors in the coming years.
During the AGM, shareholders expressed concern over the company’s financial performance and the absence of dividend payments.
Investors including Matthew Akindele, Martina Amadi, Bright Nwabuogu and Bisi Bakare called on management to intensify efforts aimed at reversing the losses and restoring shareholder value. They also urged the company to address rising finance costs, noting that net finance expenses increased by 9.42 percent during the year.
The shareholders stressed the need for stronger cost management measures and improved operational efficiency as the company works to recover from the effects of the fuel price war that reshaped the downstream petroleum industry in 2025. Despite concerns raised during discussions, all resolutions presented by the Board of Directors were subsequently approved by shareholders at the meeting.
