TotalEnergies Marketing Nigeria Plc has paid N13.58billion dividend following the approval of its shareholders at the 47th Annual General Meeting (AGM) in Lagos.
The shareholders also demanded for bonus shares from the company, citing the company’s strong financial performance over nearly two decades. The shareholders got a N40 per share dividend for 2024 totalling N13.58 billion which represent 60 percent increase from N25 in 2023.
Sunny Nwosu, leader of the Independent Shareholders Association of Nigeria (ISAN), praised the dividend but questioned the absence of bonus shares since 2004.
“We want to find out from this company why, since 2004, they have not paid any bonus to shareholders. You have done everything to make us happy, but you have refused to give us a bonus,” Nwosu said.
Another shareholder, Anthony Omoniyi highlighted the company’s N74.9 billion net earnings, noting, “Bonuses are very important for us.”
Read also: TotalEnergies Nigeria grows shareholders’ funds amid earnings drop
He also urged cost control, citing a N5.3 billion rise in consultancy and promotion expenses, which jumped from N3.1billion to N8.4 billion.
Shareholders also requested interim dividends for festive seasons and action on unclaimed dividends, exceeding N2.4 billion.
Noah Awoh, one of the shareholders, called for good governance and transparency noting that, “We can’t continue to have figures where Nigerians who have invested are not getting their money.”
Jean-Philippe Torres, chairman, TotalEnergies Marketing Plc defended the payout strategy, stating, “We allocate 50 percent of the profit before tax to the shareholders, and the rest is to run the company and mainly to maintain profitability.” He attributed cost increases to inflation, forex volatility, and maintenance for asset quality.
Shareholders commended TotalEnergies’ 64 percent revenue growth to N1.04 trillion and 140 percent profit before tax (PBT) surge to N42.25 billion, alongside solar energy initiatives and local sourcing from Dangote Refinery.
