Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Total Nigeria’s investment hits $100m

18 June 2014, 16:27

Lagos - Total Nigeria Plc says it invested over $100 million (more than N16 billion) in Nigeria in the last three years.

Momar Nguer, Chairman of Total, disclosed this in Lagos at the company's 36th Annual General Meeting.

Nguer said that the investments were in its core business, innovative solutions in greener energies, human capital development and solar investment solutions.

The chairman said the company's solar investment were on the provision of energy to lower income Nigerians with solar lamps and provision of solar solution to individuals through home systems.

He said that the third fold of the solar investment would be the launch of the first solar-powered service station in Africa in Lagos.

Nguer said that the company would, in the next couple of weeks, launch a solar-powered service station in Abuja.

Nguer, however, decried the company's huge financial expenses due to delays in the payment of subsidies by the Federal Government in the last eight months.

He said the company was owed N12 billion as subsidies in 2013, adding that the financial expenses of the debt represented 10 percent of its net operating income.

Nguer also said that the company was not getting a fair share of fuel allocations to serve its numerous customers.

He said that the company, with 12 percent market share, got about three percent of the import allocations.
The chairman called for the review of the rules and criteria of the import allocations and the marketing margin to ensure transparency.

The company for the financial year ended December 31, 2013 posted a turnover of N238.16 billion against the N217.84 billion achieved in 2012.

Profit before tax grew by 14 per cent to N8.12 billion against N7.09 billion declared in 2012.

Profit after tax stood at N5.33 billion in contrast to the N4.67 billion in 2012, an increase of 14 per cent.

-       NAN

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page.


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...