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Most of the major fuel marketers in the country have released their financial results for the first quarter of 2020 which showed losses and significant declines in profits, ’FEMI ASU reports
Total Nigeria Plc, a subsidiary of French oil major, Total, posted a loss of N163.22m for the quarter ended March 31, 2020, down from the N474.09m loss recorded in the same period a year ago. The firm said its after-tax profit dipped to N497.44m in the quarter from N3.32bn in the same period a year ago.
The United States-based ExxonMobil sold its 60 per cent stake in Mobil Oil Nigeria in 2017 to NIPCO Investment Limited, a wholly-owned subsidiary of Nipco Plc in 2017. “Even some of the entities that bought over those assets have themselves divested. If all these don’t tell you that there needs to be some radical change in the industry, I don’t know what else tells the story beyond all these things,” he said.
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