By Elizabeth Adegbesan

The  Federal Government (FG) has allocated two additional crude oil export terminals to Swede Control Intertek Limited, one of the country’s pre-shipment inspection agents.

The approval was announced in a statement signed by the Director of Trade and Exchange Department at the Central Bank of Nigeria (CBN), Aderinola Shonekan.

According to the apex bank, the newly assigned terminals are the Cawthorne and Okwok terminals.

The CBN stated: “This is to notify all Authorised Dealer Banks, the Nigeria Customs Service, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, all terminal operators, all oil and gas companies, and the general public of the Federal Government’s allocation of additional crude oil terminals to Swede Control Intertek Limited, as follows: Cawthorne Terminal and Okwok Terminal.”

The latest allocation expands Swede Control Intertek’s role in the monitoring and certification of Nigeria’s crude oil exports.

The development follows the CBN’s restructuring of terminal allocations among pre-shipment inspection agents in April 2025. The exercise was aimed at improving operational efficiency, strengthening oversight, and enhancing transparency in Nigeria’s crude oil export process.

Under the 2025 restructuring, Swede Control Intertek Limited was assigned the Ima (Otakikpo), ERHA and Aarca terminals.

Other allocations included Nembe Terminal to Neroh Technologies Limited; Isan, Enna and Yoho terminals to Holborn Oil and Gas International Limited; and Tunu, Antan and Odudu terminals to Felton Energy & Investment Limited, among others.

The addition of the Cawthorne and Okwok terminals further strengthens Swede Control Intertek’s portfolio within Nigeria’s cru

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•Wipes out profit, dividend

By Peter Egwuatu

TotalEnergies Marketing Nigeria Plc has attributed its decision not to pay a dividend for the financial year ended December 31, 2025, to the severe challenges that confronted the downstream petroleum industry during the year.

The company reported a loss after tax of N13.853 billion in 2025, reversing the N27.496 billion profit recorded in 2024, as intense price competition and market instability significantly impacted its operations.

Speaking at the company’s 48th Annual General Meeting (AGM), held virtually yesterday, Chairman, Mr. Jean-Phillipe Torres, said the downstream petroleum sector faced unprecedented difficulties in 2025. He disclosed that the company’s turnover declined by 26 per cent to N767.63 billion in 2025 from N1.041 trillion in 2024.

“The year 2025 witnessed unprecedented challenges across our sector, which had a significant impact on our performance, and unfortunately, this was reflected in our financial results,” Torres said.

He attributed the difficult operating environment largely to persistent price wars and instability in the petroleum products market, noting that the emergence of the Dangote Refinery had altered the dynamics of the downstream sector. As a result, the board did not recommend a dividend for the year.

“Though difficult, this decision reflects our commitment to prudent financial management and the long-term sustainability of the business. We remain focused on restoring profitability and creating the conditions that will enable us to restore good returns on investment in the future,” he stated.

Despite the setback, Torres expressed confidence in the company’s long-term prospects, stressing that TotalEnergies remains resilient and committed to creating sustainable value for shareholders.

Looking ahead, he said: “The outlook for 2026 points to improved macroeconomic stability and a more stable supply chain in the downstream sector, although the lingering effects of the ongoing price war may persist.

“Despite these pressures, I am confident that our re-engineered structure and highly capable workforce will position us to deliver excellent returns to our shareholders in 2026 and in the years ahead.”

Shareholders, including Matthew Akindele, Martina Amadi, Bright Nwabuogu, and Bisi Bakare, urged the board and management to intensify efforts to improve the company’s financial performance and restore dividend payments.

They also called for measures to reduce the company’s net finance costs, which increased by 9.42 per cent during the year.

All resolutions presented by the Board of Directors were subsequently approved by shareholders at the AGM.

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By Cynthia Alo

The Africa Association of Professional Freight Forwarders and Logistics of Nigeria, APFFLON, has warned that Nigeria may fail to reap the benefits of the African Continental Free Trade Area, AfCFTA, despite the Federal Government’s approval of a proposed $1 billion credit facility aimed at supporting exporters and businesses.

The association said that although access to finance is important, funding alone cannot solve the challenges undermining the competitiveness of Nigerian products in African markets.

In a statement yesterday, National President of APFFLON, Otunba Frank Ogunojemite, noted that poor infrastructure, high production costs, multiple taxes, foreign exchange difficulties, excessive port charges and cumbersome export procedures are making it difficult for manufacturers and exporters to compete with their counterparts across the continent.

He said unless these obstacles are removed, Nigeria risks becoming a destination for goods produced by other African countries instead of emerging as a major exporter under the continental trade agreement.

The group, however, commended the Federal Government for approving the proposed facility, describing it as a positive step towards helping businesses tap opportunities created by AfCFTA, but insisted that the country must first address structural problems affecting trade and production before committing huge resources to financing programmes.

Ogunojemite said: “While access to finance is important, funding alone cannot solve the fundamental challenges affecting Nigerian businesses. Before providing large-scale AfCFTA credit support, government must first create an enabling environment that allows local industries to compete effectively with their counterparts across Africa.”

He noted that many manufacturers and small and medium-scale enterprises are already battling harsh operating conditions and may be unable to benefit from the credit scheme if the business environment remains unfriendly.

According to him, several factors that hindered the success of previous trade agreements in Africa have remained unresolved.

These, he said, include inadequate power supply, poor transport infrastructure, foreign exchange constraints, multiple taxation, high port charges and regulatory bottlenecks.

To enable Nigerian businesses to take full advantage of AfCFTA opportunities, the association urged the government to reduce port charges and eliminate unnecessary trade barriers.

He also called for full implementation of the National Single Window project, improvement in road, rail, port and border infrastructure, as well as simplification of export documentation and cargo clearance procedures.

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