By Peter Egwuatu

Shareholders of TotalEnergies Marketing Nigeria Plc have commended the Board of Directors for declaring N40.00 per share dividend pay out, which translates to a total dividend of N13.58 billion for the financial year ended December 31 2024.

The shareholders at the Company’s 47th Annual General Meeting, AGM held in Lagos,  also tasked the Board of Directors and Management to find a way of locating the shareholders of the company whose unclaimed dividend has risen to about N48.3 million.

Speaking, Sir Sunny Nwosu, Emeritus National Coordinator, Independent Shareholders Association of Nigeria, ISAN congratulated the Board and Management of TotalEnergies for the success recorded in its financial year 2024 and the dividend declared.

He also said: “ We appreciate the dividend declared but we are asking the Board to consider the bonus issue and reintroduce the interim dividend that was stopped. This is because during the Christmas period shareholders do need funds to celebrate the festivity.

Another shareholder activist, Nonah Awoh, also commended the Board for the dividend payout. He said: The issue of unclaimed dividends is worrisome. The Company Secretary and the registrar should make a serious effort to ensure that shareholders get their unclaimed dividend. Because if they don’t get the money it would be forfeited to the government and this is not good. The shareholders would want to see a Nigerian managing director for the company as soon as  possible since the entity has been in existence for100 years.”

Every other shareholder who spoke at the AGM commended the stellar performance of the company for the period under review.

Addressing shareholders at the meeting, Jean- Phillipe Torres, Chairman, TotalEnergies Marketing Nigeria Plc, commended the shareholders for their support and loyalty.

He said: “ We will look at your demands in future. It is pertinent to say that despite global and national,local economic and social challenges, your company increased her turnover by 64% from N635.95 billion in 2023 to N1.041 trillion in 2024. Profit before tax grew by 140% to N42.4 billion from N17.5 billion in 2023. The Profit after tax increased by an exceptional 112% from N12.9 billion in 2023 to N27.4 billion. This is a remarkable achievement in the face of uncertainties in the year under review.”

Looking ahead, he said: “The Nigerian Petroleum downstream outlook for 2025 shows possible stability after multiple returns . However, we are mindful of the current supply situation which has been impactful on our business and may continue in 2025 and onwards. As we look forward to the future, our focus is clear : to increase our market share, invest and expand our influence across the downstream sector and maintain our competitiveness through the affiliation of new stations among other things”.