Conoil declares N2.78bn dividend

05 October 2014, Lagos – For shareholders of Conoil Plc, the front line petroleum marketing business has been good. They made this submission recently as they commended the company’s declaration of N4.00 dividend, translating to N2.78 billion cash payment for its last financial year, despite the harsh operating environment witnessed by the downstream petroleum sector, during the period.

The shareholders expressed their delight at the company’s 44th Annual General Meeting held in Uyo, Akwa Ibom State capital.


“We are impressed with the record performance and the balance sheet. We are indeed happy that Conoil is paying quality dividend amid the tough challenges facing downstream operators in this country. It shows that the board and management of the company hold every shareholder in high esteem,” National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said.

“I am particularly pleased that the board kept to the promise made at the last meeting to boost bottom-line and ensure adequate returns on investment for shareholders. The revenue and profit growth compared favourably with industry performance. We can only wish that they continue to strengthen and consolidate on the company’s leadership position in the industry,” Executive President of Nigeria Shareholders Solidarity Association (NSSA), Chief Timothy Adesiyan said.

Echoing similar sentiments, the Chairman, Ibadan Zone Shareholders’ Association, Chief Sola Abodunrin, commended the company for ensuring that the shareholders earned returns on their investments.

– The Nation

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