A Review of the Nigerian Energy Industry

Total laments inclement environment, security challenges

Total Nigeria Plc has lamented on the harsh operating environment and security challenges which had impacted on its business, even as it declared N3.1 billion dividend for the financial year, 2014. The shareholders  of Total Nigeria Plc  at the 37th Annual General Meeting, AGM approved the proposal by the company to pay a final dividend of N3.1billion,representing N9 per share.

Fuel scarcity persists
Fuel scarcity persists

The company had earlier paid N679million interim dividend, which translates into N2 per share for the year under review.The development brings the company’s total dividend – for the year ended December 31, 2014 at N11.00 per share.

Commenting at the AGM, the Chairman, Total Nigeria Plc, Mr. Momar Nguer said “ Although 2014 was a year “fraught with security, regulatory, social and economic challenges”, the company grew its turnover slightly from N238.2billion to N240.6billion.

He, however, said the company’s profit after tax declined by 17 per cent to from N5.3billion to N4.4billion, while interest expenses rose by 32 per cent to N2.6billion mainly due to huge interests on borrowing as a result of unpaid sums under the petroleum subsid y fund.

Also, despite the challenges, Nguer said Total Nigeria recorded key developments, including the introduction of several solar lamps variations into the Nigerian market including one that charges mobile phones, while the sale of its Awango lamps increased significantly.

The introduction of solar products, according to him, is in furtherance of the company’s mission to market accessible solar solutions. He explained that, being fully a part of 21st Century marketing, the company’s products could now be purchased on several online platforms such as Konga, while its Total card had been revamps.

Speaking further Nguer said, “More of our service stations are being converted to multi-service stations offering modern lube bays and car was centres.

“Our bonjour shops now offer a wide range of products and we have expanded the network of quick service restaurants on our bouquet beyond the KFC food outlet that we opened in our Wuse 2 station in Abuja to include Famous Brands (UAC Foods) and Chicken Republic.”

He said the company was also partnering with several telecommunication companies who offer their products at some of its outlets, adding that, “In further commitment to better energy resources, your company opened another fully solar-powered service station in Abuja, bringing the number of solar-powered station in Nigeria to two.”

Going forward, Nguer said the company was confident of creating sustainable value for the shareholders. He added that in the course of the year the company would be seeking to align its business and structures with the dictates of the environment. According to him “$Total is constantly seeking new ways to expand its offerings and is implementing strategies to ensure that it remains a brand of reference and leading energy solutions provider.”


– Vanguard

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