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Shareholders Hopeful On Total Bonus Issue

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The Management of Total Plc has promised to consider its options to give shareholders the chance to take maximum benefits in Liquid Shares on the Exchange if bonus issuance will not hamper the company.

The chairman, Mr. Stanislas Mittelman, made this statement at the 31st annual general meeting of the company in response to a popular request made by highest percentage of minority shareholders of the company.

Mittelman noted that the company would work closely with the regulatory authority to ascertain that whatever volume of shares will be given as bonus is appropriate and one that would not seriously dilute earnings. He promised the company would consider the request and adopt it, if it is expedient.

Shareholders at the meeting, in view of the huge general reserve of the company worth about N6.8 billion had asked for bonus issuance, noting that the reserves could accommodate such since the company had not given bonuses in the past six years.

They also contended that shareholders who trade on their shares may not have sufficient daily float of 50,000 units of shares unless the major shareholders decide to join in the sales which they rarely do. They however, linked the show movement of the share price to the illiquidity of the share in the market.

Mittelman noted that the company would have lost over N1.2 billion in foreign exchange if it had not adjusted from denominating its foreign loans in dollars.

The chairman expressed his confidence for the economy, saying Total was increasingly improving the level of its investment in the country because of its believe in the future of the nation. “We have been in Nigeria since 1956 and we are completely dedicated to the development of the economy here. Our plan for investment for 2009 was the highest. We invested N6.7 billion in 2009 against an average of N2.8 billion last year N2.4 billion the previous year and so on”.

He stated that the company had launched a big long term investment in the area of developing some of the stations because of the company’s belief in the future of petroleum sector in Nigeria.

Total paid over 99% of its PAT of N4.390 million out of N4.393 million as dividend. It paid a total of N12.93 dividend N3.80 interim and N9.13 final.

The shareholders however, advised the company to reduce the cost of sale and the percentage of debtors to creditors, which they consider astronomical going by figures provided in the annual reports.

Participants at a Business Principles and Ethics workship. Source: SHELL

Participants at a Business Principles and Ethics workship. Source: SHELL

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NIGCOMSAT Seeks Policy To Harness AI Potentials 

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The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.

Corlins Walter

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We Have Spent N1bn On Electrification -LG Boss

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The Chairman of Emohua Local Government Council, Chief David Omereji, has said  the council has so far spent over N1 billion  for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure  peace and development of the LGA.
According to him,  the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained  that all that have been achieved  were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that  his  works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while  advising critics of his government to do so constructively with facts and figures.

King Onunwor

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Ogoni Rejects NNPC-Sahara  OML11 Deal … Wants FG’s Intervention

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The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and  MOSOP  leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.

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