Conoil to pay N2.428bn dividend for 2024

Conoil Plc has disclosed the payment of a proposed N2.428 billion dividend for the 2024 financial year, reaffirming its strong position in Nigeria’s downstream petroleum sector. The dividend, which translates to 350 kobo per 50 kobo share, was warmly received by shareholders, reflecting continued confidence in the company’s performance. The firm announced this at its […]

Conoil Plc has disclosed the payment of a proposed N2.428 billion dividend for the 2024 financial year, reaffirming its strong position in Nigeria’s downstream petroleum sector.

The dividend, which translates to 350 kobo per 50 kobo share, was warmly received by shareholders, reflecting continued confidence in the company’s performance.

The firm announced this at its 55th Annual General Meeting held in Uyo, Akwa Ibom State.

Reflecting on the year under review, the Chairman of the company, Dr. Mike Adenuga, Jr., noted that operations were shaped by significant macroeconomic challenges, including persistent inflation, exchange rate volatility, infrastructure constraints and the adjustment to fuel subsidy removal.

Against this backdrop, the company delivered strong revenue growth of 60.5%, with turnover rising from N201.4 billion to N323.1 billion.

Total assets expanded by 18% to N114.9 billion, while shareholders’ funds increased by 19.1% to N39.5 billion, reinforcing the company’s financial strength.

Borrowings were also reduced by 10%, underscoring a disciplined approach to balance sheet management.

According to the Chairman, these outcomes were driven by timely decision-making, efficient resource utilisation and consistent operational discipline.

He highlighted the central role of the workforce, noting that Conoil’s continued investment in its people and commitment to an inclusive, high-performance culture remain key to sustaining long-term growth.

Conoil also reaffirmed its adherence to strong corporate governance and ethical business practices, maintaining full compliance with the Nigerian Code of Corporate Governance (2018).

Looking ahead, the Chairman expressed cautious optimism about emerging opportunities from Nigeria’s ongoing economic reforms. Conoil plans to deepen its presence across lubricants, LPG and aviation fuel, positioning the business to remain competitive in a deregulated downstream market.

He thanked shareholders, customers, employees and partners for their continued support, assuring them that Conoil remains focused on innovation, disciplined execution and sustained value creation in the years ahead.