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Shareholders of TotalEnergies Marketing Nigeria Plc, at its 46th Annual General Meeting (AGM), urged the company to intensify its investments in green energy, emphasising the profitability and environmental benefits of renewable sources.
At the AGM held in Lagos over the weekend, shareholders also approved a N25 dividend per share for the 2023 financial year, amounting to N8.49 billion. While expressing their delight at the dividend, shareholders called for more proactive measures to enhance the company’s profitability.
“The company needs to explore green energy, particularly solar and other renewable forms, as it is not only profitable but safer and more conducive for the environment. We would like to see the contribution of green energy to our revenue,” Kolawole Durojaiye, a concerned shareholder, urged.
Responding to this advice, the chairman of the company’s Board of Directors, Jean-Philipe Torres, acknowledged the economic challenges faced in 2023, including significant exchange losses and inflation nearing 30 percent. Despite these hurdles, Torres revealed that TotalEnergies is committed to expanding its renewable energy portfolio.
“TotalEnergies has completed the construction of a 3.5 megawatt plant for solar energy. We have also made significant investments with a number of B2B customers and are now trying to speed up the pace of investments we have made in renewable energy,” he said.
Torres appreciated the shareholders’ suggestions and reaffirmed the company’s dedication to enhancing profitability and sustainability. He mentioned the complexities involved in renewable energy investments, especially given the higher costs of solar energy compared to other forms. “It is not that easy because, as of today, solar energy is still a bit more expensive than other forms of energy,” Torres explained.
Despite these challenges, Torres assured that the newly hired renewable energy expert is actively seeking new projects and assessing possibilities to alter the company’s energy mix favorably. “His job description is to assess all the possibilities we have, all the possible projects we can find in renewable energy, in order to change the energy mix of the company,” Torres added.
Another shareholder, Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), while commending the efforts of the management, highlighted the need for bonus shares. “We have not received bonus shares in the last 40 years. I urge the management to consider giving bonuses to Nigerian investors. We commend the board and management for their commitment to driving the company this far and delivering value to its shareholders,” he said.
