No Disruption Expected in Our Supplies – Torres - Declares N25 per share at AGM

The Chairman of TotalEnergies Marketing Nigeria Plc., Jean-Phillipe Torres, has allayed shareholders’ fears about a disruption in its supply due to the removal of subsidies announced by the Federal Government.

“We don’t expect any disruption in our supplies in the country and I know that the Nigerian National Petroleum Corporation, NNPC Limited and other major oil marketers have taken all precautions. As far as we are concerned at TotalEnergies, we welcome all the decisions which are in the interest of Nigerians,” Mr. Torres said at the company’s 45th Annual General Meeting held at the Civic Centre, Lagos, on Thursday, June 1, 2023.

Although he stated that there is a lack of communication on the precise modalities of the new policy, "while we are waiting for the modalities, the management has already worked on different scenarios."

The shareholders were excited with the declaration of N25 per share for the financial year ended December 31, 2022, subject to the deduction of relevant withholding taxes.

The shareholders asked questions, made observations, and received the reports of the directors, re-elected non-executive, and executive directors while the independent auditors report was delivered by Price water house Coopers’ Engagement Partner, Mr. Cyril Azobu.

The Chairman of the Statutory audit committee, Chief Timothy Adesiyan delivered its report and the committee was re-elected for the new financial year.

The Directors of the company were also authorised to fix the renumeration of the External Auditors and the shareholders renewed the general mandate for related third party transactions.

Also, in attendance were the Managing Director, Dr. Samba Seye, other directors and the executive committee members.

The Executive Director, Human Resources & Corporate Services, Bunmi Popoola-Mordi, the newly elected director to the board expressed her gratitude to the shareholders for their support through the year and requested more for her successor, Mark Mannok, who is now the company’s secretary.

The revenue generated by the business for the fiscal year that ended in 2022 was N482 billion, 41% higher than the previous year’s N341 billion.