From Chukwuma Umeorah
Shareholders of TotalEnergies Marketing Nigeria Plc have renewed calls for bonus shares, citing the company’s strong financial performance over nearly two decades.
The demand was raised at the 47th Annual General Meeting (AGM) in Lagos, where a ₦40 per share dividend for 2024, totalling ₦13.58 billion, was approved—a 60% increase from ₦25 in 2023.
Sunny Nwosu, leader of the Independent Shareholders Association of Nigeria, 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,” he said.
Shareholder Anthony Omoniyi highlighted the company’s N74.9 billion net earnings, noting, “Bonuses are very important for us.” He also urged cost control, citing an N5.3 billion rise in consultancy and promotion expenses, which jumped from N3.1 billion to N8.4 billion.
Shareholders also requested interim dividends for festive seasons and action on unclaimed dividends, exceeding N2.4 billion. Nonah Awoh said, “We can’t continue to have figures where Nigerians who have invested are not getting their money,” calling for better governance and transparency.
Chairman Jean-Philippe Torres defended the payout strategy, stating, “We allocate 50 per cent 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% revenue growth to ₦1.04 trillion and 140% profit before tax surge to ₦42.25 billion, alongside solar energy initiatives and local sourcing from Dangote Refinery.
Leave a comment