Lagos, September 16, 2025 — Tough times ahead for TotalEnergies Marketing Nigeria Plc. The downstream oil giant is staring down a projected post-tax loss of N4.5 billion for the full year 2025, hammered by relentless rises in administrative and finance costs that are eating away at slim margins. And with Q4 shaping up even worse—a forecasted N2.2 billion post-tax hit—the company’s already feeling the pinch from earlier quarters.

This isn’t some overnight shock. Back in Q1, TotalEnergies pegged finance costs at N8.7 billion but actually shelled out N6.8 billion, a slight breather but still a drag on the bottom line. Fast-forward to Q3, where they eyed a N543.1 million loss, and now Q4’s outlook has nosedived further, with revenue expected at N168.52 billion but a pre-tax loss of N1.43 billion dragging everyone down. It’s all tied to those creeping expenses—think higher admin bills outpacing sales in a market where fuel prices swing wildly and naira woes add fuel to the fire.

FTM Podcasts, that go-to spot for unpacking Nigeria’s energy scene, dove deep into this mess on their latest episode. Host Folarin Falana chatted with industry insiders who laid it bare: “Rising costs aren’t just numbers; they’re squeezing operations from depots to pumps,” one analyst noted. They pointed to broader headwinds like import duties, forex volatility, and stiffer competition from independents grabbing market share. TotalEnergies, which pulls in most of its cash from white oils like petrol and diesel (76.7% of sales) plus lubricants, saw top-line growth stall while the overheads ballooned.

For a company that’s been a staple in Nigeria’s fuel game since the old Total days, this stings. Shareholders are jittery, with shares dipping on the NGX after the projections hit. But execs are hinting at cost-trimming moves and eyeing efficiencies in their 23.3% lubricants slice for a rebound. As Falana wrapped the pod, he summed it up: “In oil marketing, survival means adapting faster than the pumps turn.”

If you’re tuning in, FTM’s take is a solid listen—raw insights without the fluff. With FY numbers due soon, all eyes are on whether TotalEnergies can flip the script or if 2025’s losses become the new normal. What’s your read on Nigeria’s downstream shake-up?