Conoil shareholders approve N1.73bn dividend



Shareholders of Conoil Plc have unanimously approved the proposed final dividend payment of N1.734 bn.

A statement from the company said the dividend payment translates to N2.50 per share, for the 2021 financial year.

It explained that the dividend ratified at the company’s 52nd annual general meeting in Lagos, represents an increase of 66.7 per cent over the approved dividend payment of N1.04bn in 2020 financial year.

The Chairman, Conoil Plc, Dr. Mike Adenuga, while delivering his address to the shareholders at the meeting, said the company’s five-year growth strategy had started yielding dividends, leading to the impressive performance recorded in the 2021 financial year despite the tough operating environment.

According to Adenuga, Conoil remained motivated in creating excellent value for its shareholders.

He said, “Much ground was covered and major strides taken in 2021 as further investments have been made in strengthening the company’s retail network, and important progress recorded on all fronts for the benefit of all other stakeholders.

“Conoil Plc plans to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders.

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