Shareholders of Nigeria’s downstream energy firm Conoil has approved the payment of N1.39 billion in dividend for the 2019 financial year.
At the company’s fiftieth Annual General Meeting, the shareholders, who were represented by proxies because of COVID-19 pandemic restrictions, approved a divident of two naira per 50 kobo share.
Conoil chairman Mike Adenuga said that the dividend was “a promise kept to shareholders” and that the company’s financial performance were propelled by the management’s ambitious growth strategy driven by innovation and market penetration.
“The impressive results recorded by the company was in fulfillment to shareholders for better execution of value-added products and services especially in the areas of marketing and growing the bottom line,” Mr Adenuga said.
This is against the background of the tough challenges that marked the operating environment of the downstream oil sector. Significant investments have been made in strengthening the company’s retail network and we are proud of the company’s performance.