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.
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