TotalEnergies Marketing Nigeria PLC has reported a staggering ₦17.28 billion loss for the 2025 fiscal year, as the full-scale entry of the Dangote Petroleum Refinery fundamentally reorders Nigeria’s fuel distribution landscape.
The loss marks a watershed moment for the “Major” oil marketer, which is struggling to defend its market share against the logistical and pricing advantages of the Lekki-based mega-refinery.
Hitherto, TotalEnergies was a major importer of the petroleum which it sold to independent marketers and big firms such as MRS Oil Nigeria Plc, Conoil Nigeria Plc, and Ardova Nigeria Plc who, however, now buy from Dangote Refinery.
This has led to a significant loss of market share and drop in earnings and margins for TotalEnergies, raising concerns about survival of a company that once was paying dividends to its shareholders.
For the year ended December 2025, TotalEnergies posted a loss after tax of N17.28 billion from a profit of N27.49 billion as at December 2024.
Revenue dipped by 26.32 percent to N767.33 billion as at December 2025 from N1.04 trillion as at December 2024.
Operating profit was down 29.09 percent to N82.07 billion in the period under review from N115.75 billion as at December 2024.
Analysts are of the view that the table has flipped in the favor of Dangote Refinery who now controls the downstream industry and that this development will have a negative impact on TotalEnergies stock price because there is little scope for future earnings growth.
“Importation has dropped and Dangote has given more opportunity to independent markers. They have the same bargaining power as TotalEnergies who have lost market share,” said Abiola Rasaq, former head of Investment Relations at United Bank for Africa (UBA) Plc.
“The wholesale end of the market is no longer a viable business. TotalEnergies had the opportunity of marketers buying from it because it was an importer. That part of the market has been taken from the company,” said Rasaq.
The company shares have not risen this year.
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