Shareholders of Total Nigeria Plc on Wednesday approved the proposal by the company to pay a final dividend of N3.1bn, representing N9 per share for the 2014 financial year.

The shareholders approved the dividend payment at the company’s 37th Annual General Meeting in Lagos; where they also re-elected directors and members of the audit committee, among other things.

The company had earlier paid N679m, which translated into N2 per share, as interim dividend for the year.

The development makes the company’s total dividend – for the year ended December 31, 2014 – N11 per share.

Following the approval, the company said the dividend would be paid on Friday, June 12.

The Chairman, Total Nigeria, Mr. Momar Nguer, told shareholders at the event that although 2014 was a year “fraught with security, regulatory, social and economic challenges”, the company grew its turnover slightly from N238.2bn to N240.6bn.

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

He explained that, among other things, the company’s products could now be purchased on several online platforms, while more of its service stations were being converted to multi-service stations offering modern lube bays and car wash centres.

He added, “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.

In the course of this year, he said the company would be seeking to align its business and structures with the dictates of the environment.

“We plan to increase the number of our solar-powered stations this year by eight additional stations and will be introducing our offer of solar home system. The solar home system is a solar power-driven energy solution for homes,” he said.

Shareholders, who spoke at the AGM commended the Board of Directors and management of the company for ensuring that it continued to record growth and for the dividend payment.

The President, Constance Shareholders Association of Nigeria, Shehu Mikhail, said the company deserved praise for its commitment to transparency and good corporate governance.

He added, “I must commend the company for its contributions to the improvement of the energy sector by bringing solar lamps to the market.”

Mikhail also praised the company for the dividend it paid, saying it was the highest paid so far this year.

The Punch