Total commits N30.1bn to economy

By CHIOMA OBINAGWAM

DESPITE harsh operating environment and a sharp decline in global oil prices, Total Nigeria Plc, a major player in the downstream sector of the oil and gas industry in the country has said that it has contributed N30.1 billion to the Nigerian economy.

The company, which disclosed this in its Corporate Governance Report for the financial year ended December 31, 2015, said that it was part of its contribution towards the development of the country.

A breakdown of the figure, the report indicated, showed that local purchases and investments of about N16.2 billion were made in the period under review, a reflection of the company’s commitment to Local content drive.

Again, Direct Wages in excess of N7.6 billion, taxes and duties of N5.6 billion where as N3.7 was paid as dividends to local shareholders. “Moreover, it is worth noting that through its service providers, stations dealers, suppliers and transporters, Total provides employability to about 10,000 persons,” the company noted.

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Also, the Managing Director of the company, Alexis Vok added that it ensures strict adherence to policies and procedures especially in relation to Corporate Social Investment.

“The objective is to implement actions that will directly address the needs of our stakeholders and have positive impacts on our business,” he said.

Collaborating, the Chairman of the company said: “This helps us to better understand our stakeholders’ expectations, and where legitimate, work in harmony with the stakeholders to meet these expectations.”

In a related development, he assured that Total Nigeria would maintain leadership position in delivering solar solutions to the Nigerian market.

He said:”We want to be the leader in terms of solar solutions. We are doing experiments on the product and will push them to the market once we are sure it will serve the consumers’ problems.”