BEYOND THE DATA: Why four of six publicly listed oil companies recorded N1trn revenue decline in 2025
Four of Nigeria's six publicly listed oil companies experienced a combined revenue decline of N1.21 trillion in 2025. Despite this, the sector saw an overall revenue increase of 17.36% driven by upstream and midstream operations.
Why it matters
The data reflects the volatile economic landscape of the Nigerian downstream oil sector and its impact on national energy revenue.
At least four of the six publicly listed oil companies in Nigeria saw their revenues nosedive in 2025.
The companies, which are major downstream sector players, are Eterna Plc, Total Energies Marketing Nigeria, Oando Plc, and Conoil.
TheCable’s analysis of their 2025 financials indicated that they recorded a combined revenue decline of N1.21 trillion.
However, the combined revenue of the six oil companies — including Aradel Holdings and Seplat Energies — increased by 17.36 percent year-on-year, from N7.99 trillion to N9.38 trillion.
The increase was driven by oil players operating mainly in the upstream and midstream sectors.
Below is how the companies performed during the period under review.
Total Energies failed to replicate or surpass the N1.04 trillion revenue generated between the first quarter (Q1) and the fourth quarter (Q4) of 2024, as turnover stood at N767.63 billion in 2025, representing a 26.32 percent decline.
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