June 25 (THEWILL) — TotalEnergies Marketing Nigeria Plc has outlined a strategic recovery plan to restore profitability and strengthen its market position amid sweeping changes in Nigeria’s downstream petroleum sector triggered by the emergence of domestic refining capacity.
Speaking at the company’s Annual General Meeting, the Chairman, Mr Jean-Philippe Torres, said the entry of the Dangote Refinery has fundamentally altered the competitive landscape, creating pricing pressures, supply chain adjustments and margin challenges for operators.
According to him, aggressive price competition among marketers, coupled with disruptions in supply dynamics and foreign exchange volatility, weighed heavily on the company’s 2025 performance.
“Some operators decided to start price wars during a significant part of the year, which had a considerable impact on our sales volumes and margins. The volatility of the foreign exchange market also exposed the company to substantial negative stock effects”, Torres said.
Rather than engaging in what he described as irrational price competition, Torres noted that the company is focusing on operational efficiency, cost discipline and product optimisation to safeguard long-term profitability.
“We continue to invest in capital expenditure and work closely with stakeholders to ensure efficient supply while maintaining strict control over operating costs”, he stated.
Despite a challenging 2025 financial year, during which revenue declined by 25 percent and profitability fell by 151 percent, management expressed confidence that corrective measures are beginning to deliver results.
Torres revealed that the company recorded a significant improvement in profitability during the first quarter of 2026, strengthening optimism about its outlook for the rest of the year.
Shareholders welcomed the company’s resilience but urged management to accelerate efforts to adapt to the new market realities and return to dividend-paying status.
National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Mr Moses Igbrude, called on the board to reposition the business for sustainable growth, while other shareholders pointed to the stronger first-quarter performance as an indication that the company may be on the path to recovery.
The company expressed confidence that its strategic focus and operational reforms will support improved performance as competition in the downstream sector continues to evolve.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
