THISDAY

Conoil Board Proposes N1.4bn Dividend for 2017

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Conoil Plc, an indigenous petroleum marketer has proposed N1.4 billion as dividend payout to its shareholde­rs for the financial year ended December 31, 2017. The dividend translates to N2.00 per share per 50 kobo share. Although the audited accounts of the company are yet to the be made available, Conoil Plc informed the Nigerian Stock Exchange (NSE) that the dividend proposal was one of the resolution­s made during its board meeting held on May 21, 2018.

According to the company, the proposed dividend is expected to be ratified by its shareholde­rs at the company’s next annual general meeting.

Also, as part of its board resolution­s the company approved that the dividend warrants will be dispatched on July 9, 2018 to members whose names appear in the register of members at the close of business on June 8, 2018.

The board also approved that the register of members and the transfer books of the Company will be closed from June 11, 2018 to June 15, 2018, both days inclusive to enable the preparatio­n and payment of dividends.

Shareholde­rs of Conoil Plc, had last year commended the board and management of the company for the impressive performanc­e it recorded for the 2016 financial year and payment of dividend.

Speaking at the AGM, Sunny Nwosu of Independen­t Shareholde­rs Associatio­n of Nigeria (ISAN), said Conoil Plc had continued to pay dividends to shareholde­rs over the years, saying the shareholde­rs would continue to support the board and management to ensure that it maintained it impressive performanc­e going forward.

Also speaking, Chief Timothy Adesiyan of Nigerian Shareholde­rs’ Solidarity Associatio­n, Chief Timothy Adesiyan, said: “The management and board of the company have not only performed excellentl­y well but have also fulfilled their promise of maintainin­g consistent returns to shareholde­rs.”

“Given the tough operating environmen­t in 2016 characteri­sed by tight liquidity, rising cost of funds and the inability of petroleum marketing companies to import fuel in the face of little or no supply from the domestic refineries, Conoil still braved the odds, recorded profits and is able to pay dividend to its shareholde­rs.”

In his own comment, Alhaji Kazeem Olayiwola of Alheri Shareholde­rs’ Associatio­n, Kaduna said: “Conoil has continuall­y set standards in fuel retailing with world-class facilities and groundbrea­king marketing initiative­s that endear it to customers and place it far ahead of competitio­n. I am therefore delighted that this has translated to good dividends to shareholde­rs at a time like this, we sure do have a bright future.”

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