Metalloporphyrins based on open-shell transition metals, such as Ni(II), exhibit typically fast excited-state relaxation. In this work, we shed light into the nonradiative relaxation mechanism in a nanographene-Ni(II) porphyrin conjugate. Variable temperature transient absorption and global fit analysis are combined to produce a picture of the relaxation pathways. At room temperature, photoexcitation of the lowest π-π* transition is followed by vibrational cooling in 1.6 ps, setting a short 20 ps temporal window wherein a small fraction of relaxed singlets radiatively decay to the ground state before intersystem crossing proceeds. Following intersystem crossing, triplets relax rapidly to the ground state (S0) in a few tens of picoseconds. By performing measurements at low temperature, we provide evidence for a competition between two terminal relaxation pathways from the lowest (metal-centered) triplet to the ground state: a slow ground state relaxation process proceeding in time scales beyond 1.6 ns and a faster pathway dictated by a sloped conical intersection, which is thermally accessible at room temperature from the triplet state. The overall triplet decay at a given temperature is dictated by the interplay of these two contributions. This observation bears significance in understanding the underlying fast relaxation processes in Ni-based molecules and related transition metal complexes, opening avenues for potential applications for energy harvesting and optoelectronics.