Shareholders of Conoil Plc are celebrating a significant windfall as the leading downstream energy company has proposed a hefty dividend payout for the 2024 financial year. The announcement, made at the firm's 55th Annual General Meeting, promises to put smiles on the faces of investors.
A Robust Payout in Challenging Times
The company plans to distribute a total of ₦2.428 billion to its shareholders, which breaks down to a generous 350 kobo for every 50 kobo share held. This decision was unveiled during the AGM held in Uyo, Akwa Ibom State, on Thursday, December 19, 2025.
In his address, the Chairman of the Board, Dr. Mike Adenuga Jr., acknowledged that the period under review was one of the toughest in recent memory for Nigerian businesses. He outlined a landscape defined by acute macroeconomic pressures, where the nation contended with sustained inflation, major infrastructural deficits, volatile exchange rates, and the ongoing economic adjustments following the removal of the fuel subsidy.
"These issues combined to squeeze purchasing power, heighten operational costs, and dampen business prospects across multiple sectors," Dr. Adenuga stated. However, he was quick to highlight that Conoil Plc demonstrated remarkable resilience, navigating the turbulent environment to post commendable financial results.
Impressive Financial Performance and Strategic Growth
Defying the economic headwinds, Conoil recorded a stellar 60.5% surge in revenue, climbing from ₦201.4 billion in the previous year to an impressive ₦323.1 billion. This performance underscores the effectiveness of the company's strategic initiatives and operational agility.
The company's financial strength was further solidified by significant growth in its total assets, which expanded by 18% from ₦97.5 billion to ₦114.9 billion. Shareholders' funds also saw a healthy increase of 19.1%, reaching ₦39.5 billion, thereby providing a more robust financial base for future operations.
In a move that highlights prudent financial management, Conoil successfully reduced its borrowings by 10%, bringing total liabilities in that category down from ₦32 billion to ₦28.7 billion. Dr. Adenuga attributed these achievements to a culture of proactive decision-making, careful resource management, and an unwavering commitment to operational excellence across the board.
People, Governance, and Future Outlook
The Chairman emphasised the critical role of human capital in driving the company's success. He affirmed that Conoil's progress is built on the dedication, professionalism, and innovative spirit of its employees. The company continues to invest heavily in talent development, fostering an inclusive workplace culture that values productivity and personal fulfilment regardless of an individual's background.
On corporate governance, Dr. Adenuga reiterated Conoil's steadfast adherence to ethical business practices and its full alignment with the Nigerian Code of Corporate Governance (2018). He also noted the company's ongoing commitment to corporate social responsibility, using its resources to support and positively impact the communities where it operates.
Looking ahead, the Chairman expressed cautious optimism, pointing to opportunities emerging from Nigeria's ongoing economic reforms and the anticipated expansion in both oil and non-oil sectors. Conoil is strategically positioned to deepen its market presence in critical product segments, expand its lubricants and liquefied petroleum gas (LPG) markets, and strengthen its aviation fuel delivery infrastructure.
This strategic focus is designed to ensure the company remains highly competitive within Nigeria's deregulated downstream petroleum environment. Dr. Adenuga concluded by thanking shareholders, customers, employees, and business partners for their unwavering support, assuring them of Conoil's continued commitment to innovation, disciplined execution, and the sustained creation of value for all stakeholders.
