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Total pays N5.7bn to 468 staff in one year


Total Nigeria Plc’s employees, totaling 468, received about N5.698 billion as salaries, wages and other benefits in 2013.

This, according to data obtained from the company’s financial statement for the year ended December 31, 2013, is an improvement of N469 million or 8.97 per cent over total staff cost of N5.229 billion recorded in 2012.

The increase in the company’s staff cost is despite a drop in the number of its personnel. Its total personnel dropped by 1.27 per cent to 468 in 2013 from 474 personnel in 2012.

The N5.698 billion paid to its employees in 2013, is an average cost per staff of N12.175 million annually, N1.015 million per month, while average total staff cost is calculated as N474.83 million per month.

A breakdown of its staff cost for 2013 revealed that salaries and wages gulped N5.077 billion; pension and social benefit N386.684 million and staff medical expenses N234.735 million.

The document also gave a breakdown of the company’s personnel as: 105 managerial staff, 338 senior staff and 25 junior staff.

In addition, the report noted that Total Nigeria’s highest paid director received emoluments of N37.464 million in 2013, down by 23.05 per cent from N48.686 million in 2012.

Furthermore, Total paid N91.303 million to its directors as emoluments in the period under review, broken down into: fees for service as directors N1.5 million; other remunerations N89.803 million.

The company’s annual report revealed that the company has 12 directors, with seven of the directors receiving emoluments while five had no emoluments in the year under review.

Also, the company’s total borrowings rose by N1.729 billion or 11.62 per cent to N16.608 billion in 2013, from N14.879 billion in 2012.

Going by its indebtedness, Total Nigeria’s total interest expenses for 2013 stood at N1.98 billion, broken down into: interest on bank overdrafts and loans N1.964 billion, and interest on obligations under finance leases N17.11 million.

In the course of the 2013 financial year, dividends of 3,103 shareholders of the company, totaling N15.5 billion, which the company said has been unclaimed for 12 years, was reverted to the company. This was in comparison to the N11.53 billion being unclaimed dividends for 3,314 shareholders that was reverted to the company in 2012.

In its financial performance for 2013, the company’s revenue grew by 9.33 per cent to N238.16 billion, from N217.84 billion in 2012.

It recorded profit before tax of N8.12 billion, up from N7.1 billion recorded in 2012, while its profit ater tax stood at N5.33 billion, rising by 14.19 per cent from N4.671 billion recorded in 2012.

The company paid its shareholders a total dividend of N3.735 billion, representing an interim dividend of N2 per share and a final dividend of N9 per share.

The company had paid also paid a total dividend of N3.735 billion in 2012, representing interim dividend of N3 per share and final dividend N8 per share.


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