Adenuga’s Conoil Showers $2.2m Dividends on Shareholders for 2022

Conoil Plc, owned by Globacom Chairman, Dr. Mike Adenuga Jr. has announced a whopping $2.2million (N1.73 billion) as dividends for its shareholders for year 2022. Industry sources revealed that the shareholders will receive the dividends today, September 29, 2023.

Mike Adenuga himself is poised to receive a substantial windfall of N1.29 billion ($1.65 million) in dividends from his holdings in Conoil Plc, one of Nigeria’s foremost petroleum marketing companies.

According to the sources, the profit before tax profile received a major boost as it leapt from N3.83 billion ($4.9million) in 2021 to N6.13 billion ($7.84 million) in 2022, just as its earnings after tax rose by an equally astounding 60%, from N3.08 billion ($3.94 million) to N4.96 billion ($6.35 million) within the same period. Conoil’s profits per share equally rose to an industry high of N7.14 ($0.0091) which is 60.8 percent above the N4.44 ($0.00568) generated in 2021.
These exceptional performances encouraged the company’s board of directors to approve a final dividend of $2.2 million which translates to N2.5 ($0.00319) per share for the benefit of its shareholders.

Conoil is the largest indigenous oil marketing firm in Nigeria with vast competence in downstream Petrochemicals, Energy, and Chemicals.
The company boasts the sale of Quatro brands of combustibles including aviation fuel, diesel and premium motor spirit popularly known as petrol in the Nigerian market owing to the unflinching business acumen of the business magnate who owns 74.4per cent, totaling 516,298,603 shares of the flourishing oil marketing company.