The Conoil Plc has announced a proposed ₦2.428billion dividend for the 2024 financial year, which reaffirmed its strong position in Nigeria’s downstream petroleum sector.
The announcement was made at the company’s 55th Annual General Meeting held in Uyo, Akwa Ibom State, yesterday.
Shareholders, who reflected continued confidence in the company’s performance, warmly received the dividend, which translates to 350 kobo per 50 kobo share.
The Chairman of the company, Dr. Mike Adenuga, Jr., spoke on the year under review, noting that operations were shaped by significant macroeconomic challenges, including persistent inflation, exchange rate volatility, infrastructure constraints and the adjustment to fuel subsidy removal.
The pressures, according to him, weighed heavily on businesses nationwide, but Conoil remained focused and closed the year with solid financial results.
Against this backdrop, the company delivered a strong revenue growth of 60.5 per cent, with turnover rising from ₦201.4billion to ₦323.1billion. Total assets expanded by 18 per cent to ₦114.9billion, while shareholders’ funds increased by 19.1 per cent to ₦39.5billion, reinforcing the company’s financial strength. Borrowings were also reduced by 10 per cent, underscoring a disciplined approach to balance sheet management.
Adenuga, who noted that the outcomes were driven by timely decision-making, efficient resource utilisation and consistent operational discipline, listed the central role of the workforce. He added that Conoil’s continued investment in its people and commitment to an inclusive, high-performance culture, remain key to sustaining long-term growth.
He stated further that Conoil also reaffirmed its adherence to strong corporate governance and ethical business practices, maintaining full compliance with the Nigerian Code of Corporate Governance (2018). The company, he said, has also continued to support social development initiatives, contributing to the wellbeing of communities where it operates.
Looking ahead, the chairman expressed cautious optimism about emerging opportunities from Nigeria’s on-going economic reforms, saying Conoil plans to deepen its presence across lubricants, LPG and aviation fuel, with a view to positioning the business to remain competitive in a deregulated downstream market.
Adenuga thanked the shareholders, customers, employees and partners for their continued support. He assured them that Conoil remains focused on innovation, disciplined execution and sustained value creation in the years ahead.
