Conoil Board Proposes N1.4bn Dividend for 2017
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.”