In line with its established tradition of prompt dividend disbursement, the company confirmed that payment would be made to shareholders on May 16, 2025, if the resolution is passed.
The announcement came alongside the presentation of the company’s 2024 financial results, which showed an exceptional 64% increase in turnover—from N635.95 billion in 2023 to over N1.041 trillion. Profit after tax soared by 112%, jumping from N12.9 billion to N27.4 billion, marking the highest year-on-year growth in the company’s recent history.
Chairman Mark N. Mannok credited the strong performance to strategic execution, customer loyalty, and the dedication of the company’s staff. “Our people remain our most valuable assets and the key differentiator in a competitive market,” Mannok said. “Despite economic and operational headwinds, their resilience helped deliver this remarkable outcome.”
However, the meeting was not without criticism. A shareholder, Mr. Nona Awoh, raised concerns over the absence of a Sustainability Report in the company’s official disclosures. Awoh noted that the omission contradicts the post-listing requirements of the Nigerian Exchange (NGX), which mandates listed companies to publish comprehensive sustainability data.
“The company did not provide any formal update on its environmental, social, and governance (ESG) initiatives. This is a regulatory requirement, and the omission undermines transparency,” Awoh stated during the AGM.
Ironically, despite the reporting gap, TotalEnergies Marketing Nigeria Plc was recently recognized at the Social Impacts and Sustainability Awards (SISA) 2024, organized by CSR Reporters, for its social investment efforts. The recognition sparked mixed reactions, with questions raised about the criteria used for the award.
Economic Outlook and Strategic Direction
Looking ahead, Mannok offered a cautiously optimistic outlook for 2025, buoyed by anticipated economic reforms and improved oil production. Nigeria’s crude output is projected to rise to 2.06 million barrels per day, up from 1.4 million bpd, supporting increased revenue generation.
The chairman also highlighted government efforts in agriculture, food security, and security spending, which has reportedly climbed to 100% of the national budget from 12% in 2024. These efforts are expected to moderate food inflation and foster economic stability.
Still, challenges persist. Inflation in 2025 is likely to be shaped by monetary policy, supply-side dynamics, sector-specific trends, and inflation rebasing. The Central Bank of Nigeria (CBN) is expected to maintain a tight monetary stance to control inflation and stabilize the naira.
Focus on Expansion and Customer Experience
TotalEnergies said it plans to expand its downstream operations by growing its market share, investing in new fuel and service solutions, and upgrading customer service delivery through enhanced staff training.
“Our strategic direction is clear: to consolidate our gains, deepen our footprint in the downstream petroleum sector, and redefine customer experience through innovation,” Mannok added.
Mannok expressed appreciation to shareholders, customers, transporters, board members, and employees for their continued support. “We achieved these results together. With your ongoing commitment, we are confident in our ability to sustain growth and deliver value in the years ahead.”
Despite its strong financials, TotalEnergies Marketing Nigeria Plc now faces growing pressure to align its performance with regulatory compliance and transparent sustainability reporting. As stakeholders look to 2025, the focus will be on how the company balances profit, purpose, and accountability.
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