Under the bright lights of Lagos, TotalEnergies Marketing Nigeria Plc celebrated a milestone—₦13.58 billion in dividends approved at its 47th AGM.
Yet, behind the cheer, a murmur of discontent echoed.
Shareholders, proud of the company’s growth and ₦74.9 billion net earnings, demanded more than payouts.
The approved ₦40 per share for 2024 marks a 60% rise from the ₦25 paid in 2023.
Bonus Share Concerns Resurface
Despite the dividend hike, TotalEnergies shareholders expressed dissatisfaction.
Leader of the Independent Shareholders Association of Nigeria (ISAN), Sunny Nwosu, criticised the company for not issuing bonus shares since 2004.
Earnings Highlight Bonus Need
Supporting the call, shareholder Anthony Omoniyi pointed to the firm’s ₦74.9 billion net earnings.
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He also urged management to rein in costs, highlighting a jump in consultancy and promotional expenses from ₦3.1 billion to ₦8.4 billion.
Push For Interim And Unclaimed Dividends
Shareholders also demanded interim dividends during festive periods and action on over ₦2.4 billion in unclaimed dividends.
Noah Awoh called for transparency, insisting investors deserve clearer returns.
Chairman Jean-Philippe Torres responded, explaining that 50% of pre-tax profit goes to shareholders while the rest supports operations and long-term profitability.
He linked rising costs to inflation, forex volatility, and asset upkeep.
Despite concerns, investors praised the company’s 64% revenue growth to ₦1.04 trillion and a 140% rise in profit before tax to ₦42.25 billion.
They also commended solar energy investments and local sourcing from the Dangote Refinery.
In conclusion, while investors welcomed the dividend, they strongly urged the board to prioritise bonus shares and fairer reward distribution going forward.
