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Oil Firms Target N427bn Revenue In Q4 2023

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Three oil firms, MRS Oil Nigeria Plc, TotalEnergies Marketing Nigeria Plc, and Eterna Plc have projected that they will earn N427.58bn as revenue in the fourth quarter of 2023.
The oil firms disclosed this in their Q4 forecasts which were filed with the Nigerian Exchange Limited.
MRS Oil projected that its revenue will be N154.02bn in Q4. That its profit before tax would be N1.50bn with its tax projected to come in at N487.61m and profit after tax predicted to be N1.02bn.
On its statement of cash flow, the oil company said its net cash generated from operating activities would be N2.35bn and its cash and cash equivalent at the end of the third quarter would be N8.17bn.
In its half-year report, MRS Nigeria declared N59.65bn, which is an increase of nearly 40 per cent from N42.66bn in H1 2022. Its profit for the period rose to N2.310bn from N351m.
TotalEnergies Marketing Nigeria Plc, on its part, said the revenue forecast for Q4 is N138.81bn.  Profit before taxation is expected to hit N2.31bn, and income tax expense is projected to be N748.766m with the profit for the period being N1.56bn.
In terms of cash flow, TotalEnergies Marketing Nigeria Plc is projecting that net cash generated from operations will be N16.76bn. Cash and cash equivalents as of September 30, 2023 (Q3 ending) is expected to be N12.09bn.
TotalEnergies Marketing Nigeria Plc, a marketing and services subsidiary of the oil giant, Total, in the first half of 2023 reported 31 per cent growth in its revenue to N274.60bn from N209.01bn. The growth in its profit for the same period stood at three per cent to N8.79bn.
Eterna Plc in its own earnings forecast projected that its revenue for Q4 would be N134.75bn with the cost of sales expected to take up a significant portion of it at N120.59bn.
The oil projected that profit before tax will be N982.37m while profit after tax is expected to come in at N308.59m.
In terms of cash flow, Eterna said cash and cash equivalent at the beginning of the period would be N9.12bn and N2.87bn at the end of the period.
The company also projected that the effects of foreign exchange rate changes will be N9.62bn during the quarter.
The revenue of oil firms increased in the first half of 2023, driven by a surge in fuel prices and increasing global demand.  Recall that fuel subsidy was removed during the period, which led to an increase in the price of petrol across Nigeria.

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NPA Assures On Staff Welfare 

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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