Nigeria’s three oil marketing companies listed on the Nigerian Exchange adopted sharply contrasting funding strategies in the first half of 2026 as they navigated a high-interest-rate environment, with Conoil Plc increasing debt by 31 per cent, Eterna Plc deleveraging through a major equity raise and TotalEnergies Marketing Nigeria Plc reducing borrowings to cut finance costs despite a broader recovery in earnings.
An analysis by The PUNCH of the unaudited half-year financial statements of Conoil, Eterna and TotalEnergies showed that all three marketers returned stronger profits during the period but pursued strikingly different capital allocation strategies as they adapted to the realities of downstream deregulation and elevated financing costs.
The divergent approaches came against the backdrop of moderating petrol demand. The PUNCH reported on Tuesday that Nigeria’s petrol consumption fell by 52 million litres, or 0.56 per cent, in the first six months of 2026 as higher pump prices following subsidy
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