By Comfort Asemota
Conoil Plc has announced a proposed ₦2.428 billion dividend for the 2024 financial year, reaffirming its strong position in Nigeria’s downstream petroleum sector. The announcement was made during the company’s 55th Annual General Meeting held in Uyo, Akwa Ibom State.
The dividend, warmly received by shareholders, translates to 350 kobo per 50 kobo share, reflecting continued confidence in the company’s performance.
Chairman Highlights Operational Challenges and Financial Success
Dr. Mike Adenuga Jr., Chairman of Conoil, noted that the year under review was marked by significant macroeconomic challenges, including persistent inflation, exchange rate volatility, infrastructure constraints, and adjustments following the removal of fuel subsidies. Despite these pressures, Conoil remained focused and closed the year with robust financial results.
The company recorded a 60.5% revenue growth, with turnover increasing from ₦201.4 billion to ₦323.1 billion. Total assets grew by 18% to ₦114.9 billion, while shareholders’ funds rose by 19.1% to ₦39.5 billion, reinforcing Conoil’s financial strength. Borrowings were also reduced by 10%, demonstrating disciplined balance sheet management.
Workforce and Governance as Pillars of Success
Adenuga credited the results to timely decision-making, efficient resource utilization, and operational discipline, highlighting the central role of Conoil’s workforce. He emphasized that continued investment in employees and fostering an inclusive, high-performance culture are critical to sustaining long-term growth.
The chairman also reaffirmed Conoil’s commitment to strong corporate governance and ethical business practices, maintaining full compliance with the Nigerian Code of Corporate Governance (2018). The company has continued to support social development initiatives, contributing positively to the communities in which it operates.
Looking Ahead: Expansion and Strategic Opportunities
Looking forward, Adenuga expressed cautious optimism about emerging opportunities from Nigeria’s ongoing economic reforms. Conoil plans to expand its presence in lubricants, LPG, and aviation fuel, positioning the business to remain competitive in a deregulated downstream market.
He concluded by thanking shareholders, customers, employees, and partners for their continued support, assuring that Conoil remains committed to innovation, disciplined execution, and sustained value creation in the coming years.
