“The devaluation of the Naira is another factor, as some of their expenses are dollar-denominated. To meet those costs, they need more Naira to buy United States Dollars,” Oni said.TotalEnergies operating expenses grew 6.8 percent to N35.66 billion in 2022 from N33.39 billion in 2021 while Ardova rose to N18.57 billion, up 87 percent from N9.93 billion in the period reviewed.
Ardova’s distribution expenses jumped 236 percent to N6.39 billion in December 2022 from N1.9 billion in December 2021. Administrative expenses to N12.18 billion, up 51.7 percent from N8.03 billion in the period reviewed.
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