total nigeria plc - Stanbic IBTC Stockbrokers

Dec 31, 2017 - Total Nigeria Plc was incorporated in 1956 and was listed on the Nigerian Stock Exchange in 1979. Our first petrol station was ... Citibank Nigeria Limited. Diamond Bank Plc .... In addition, our lubricants business delivered a strong performance and our fixed costs evolution was kept below the inflation rate.
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TOTAL NIGERIA PLC ANNUAL REPORT 31 December, 2017

Table of Contents Corporate Profile ................................................................................................................................................ 2 Mission Statement ............................................................................................................................................. 3 Directors, Officers and Professional Advisers ............................................................................................... 4 Corporate Directory ........................................................................................................................................... 5 Results at a Glance ............................................................................................................................................ 6 Notice of Annual General Meeting ................................................................................................................... 7 Chairman’s Statement ....................................................................................................................................... 9 Board of Directors Profile ............................................................................................................................... 13 Report of the Directors .................................................................................................................................... 17 Corporate Governance Report........................................................................................................................ 24 Statement of Directors Responsibilities ........................................................................................................ 33 Report of the Statutory Audit Committee .....................................................................................................34 Report of the Independent Auditors..............................................................................................................35 Statement of Financial Position.....................................................................................................................41 Statement of Profit or Loss and other Comprehensive Income..................................................................42 Statement of Changes in Equity.....................................................................................................................43 Statement of Cash Flows................................................................................................................................44 Notes to the Financial Statements.................................................................................................................45 Other National Disclosures.............................................................................................................................82 Share Capital History......................................................................................................................................85 List of Major Distributors................................................................................................................................86

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CORPORATE PROFILE Total Nigeria Plc was incorporated in 1956 and was listed on the Nigerian Stock Exchange in 1979. Our first petrol station was commissioned at Herbert Macaulay Street, Yaba, Lagos in 1956. Today we have over 560 Service Stations and 3 Lubricants blending plants. We operate out of 5 aviation storage facilities and have other facilities spread across the country. We are a market leader, reference point and pacesetter in the downstream sector of the oil and gas industry. Total S.A which holds 62% of Total Nigeria Plc is a publicly-traded oil company with businesses in exploration and production, refining, marketing, trading and more recently Solar. It is also a major player in the chemicals sector. Total S.A.’s oil and gas production of more than t