Shareholders of TotalEnergies Marketing Nigeria Plc have expressed strong appreciation for the company’s impressive financial results for the 2024 fiscal year, particularly the declaration of a N40.00 per share dividend, amounting to a total payout of N13.58 billion. The commendations came during the company’s 47th Annual General Meeting (AGM) held recently in Lagos, where shareholders also raised concerns about unclaimed dividends totaling approximately N48.3 million.
At the AGM, shareholders applauded the Board of Directors for the robust dividend declaration, which reflects TotalEnergies’ solid performance despite global and local economic headwinds. Sir Sunny Nwosu, emeritus National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), congratulated the company’s management and board for the milestone achievements in 2024. He highlighted the importance of sustaining this growth momentum for the benefit of all investors.
Another prominent shareholder activist, Nonah Awoh, acknowledged the payout but emphasized the urgent need for the company to address the issue of unclaimed dividends. “The rising amount of unclaimed dividends is worrying. The Company Secretary and registrar must intensify efforts to locate shareholders entitled to these funds. Failure to do so risks the dividends being forfeited to the government, which would be detrimental to the shareholders,” Awoh stated.
He further urged for the appointment of a Nigerian Managing Director to lead the firm, noting, “Since TotalEnergies Marketing Nigeria Plc has operated in the country for over 100 years, it is imperative to have a Nigerian head the company as soon as possible.”
Chairman of TotalEnergies Marketing Nigeria Plc, Jean-Philippe Torres, addressed the shareholders, acknowledging their unwavering support and loyalty. Torres provided detailed insights into the company’s outstanding financial performance amid challenging economic conditions.
Despite global uncertainties and local socio-economic challenges, TotalEnergies achieved a remarkable 64% increase in turnover, growing from N635.95 billion in 2023 to an impressive N1.041 trillion in 2024. This surge in revenue was complemented by a significant growth in profitability metrics.
Profit Before Tax (PBT) soared by 140%, climbing to N42.4 billion from N17.5 billion the previous year. Similarly, Profit After Tax (PAT) recorded an exceptional 112% increase, rising from N12.9 billion in 2023 to N27.4 billion in 2024. These results underscore the company’s resilience and effective strategic management amid economic volatility.
Torres emphasized, “The results for the year under review are a testament to our commitment to excellence and operational efficiency. We remain focused on delivering sustained value to our shareholders and stakeholders alike.”
The issue of unclaimed dividends has become a pressing matter not only for TotalEnergies but for many companies listed on the Nigerian Stock Exchange. Unclaimed dividends represent funds owed to shareholders who, for various reasons, have not collected their entitled payouts. In the case of TotalEnergies, the unclaimed amount has reached about N48.3 million.
This situation poses a risk to shareholders, as unclaimed dividends may eventually be forfeited to the government after a stipulated period. Shareholder activists are calling for proactive measures, including enhanced communication and outreach by the company’s registrar and Company Secretary, to ensure all entitled shareholders receive their dividends promptly.
The AGM served as a platform for shareholders to not only celebrate the company’s financial achievements but also to voice concerns and aspirations for the future. Besides the call for resolving the unclaimed dividend issue, shareholders highlighted the importance of local leadership representation within TotalEnergies Marketing Nigeria Plc.
The company’s management assured shareholders that these demands would be considered seriously in the company’s strategic planning and governance frameworks going forward.
As a major player in Nigeria’s oil and gas marketing sector, TotalEnergies Marketing Nigeria Plc has a pivotal role in driving energy distribution and access across the country. The company’s century-long presence underscores its commitment to Nigeria’s economic development and energy security.
With growing competition and evolving market dynamics, TotalEnergies continues to invest in innovative solutions, operational efficiencies, and customer satisfaction to maintain its leadership position.
TotalEnergies Marketing Nigeria Plc’s 2024 financial year stands out as a period of remarkable growth and shareholder value creation. The declared dividend of N40 per share reflects the company’s strong fundamentals and profitability. However, addressing the challenge of unclaimed dividends remains a priority to protect shareholder interests and uphold corporate governance standards.
Shareholders remain optimistic that TotalEnergies will continue to build on its success while fostering stronger engagement with its investor base and enhancing local representation in its leadership ranks.