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Conoil Plc has closed the 2024 financial year on a confident note, announcing a proposed dividend payout of ₦2.428 billion to shareholders. The dividend, set at 350 kobo per 50 kobo ordinary share, was presented at the Company’s 55th Annual General Meeting held on Friday, 19 December 2025, reinforcing Conoil’s steady performance in a demanding operating environment.
Speaking at the meeting, the Chairman described the year as one shaped by significant economic pressure across Nigeria’s business landscape. High inflation, exchange rate instability, infrastructural challenges, and the transition following fuel subsidy removal created added strain on businesses and consumers alike.
Despite these conditions, Conoil Plc recorded a strong financial performance, supported by disciplined management and clear strategic focus. Revenue rose by 60.5 percent, increasing from ₦201.4 billion in the previous year to ₦323.1 billion in 2024. Total assets grew by 18 percent to ₦114.9 billion, while shareholders’ funds increased by 19.1 percent to ₦39.5 billion.
The Company also strengthened its financial position by reducing borrowings by 10 percent, bringing liabilities down from ₦32 billion to ₦28.7 billion. According to the Chairman, this improvement reflects careful financial planning and a deliberate approach to cost management and operational efficiency.
He emphasised that Conoil’s progress continues to be driven by its people, noting the dedication, competence, and innovative capacity of the workforce. The Company remains committed to investing in its employees, creating a work environment that supports growth, fairness, and professional development.
Reaffirming its governance standards, the Chairman stated that Conoil operates in full compliance with the Nigerian Code of Corporate Governance 2018. He added that transparency, accountability, and ethical business practices remain central to the Company’s operations. Conoil also sustained its social investment initiatives, supporting development within its host communities.
Looking ahead, the Company expressed measured optimism as economic reforms progress and new opportunities emerge across both oil and non oil sectors. Plans are in place to strengthen its presence in core product categories, expand its lubricants and LPG businesses, and enhance its aviation fuel supply infrastructure to remain competitive in a deregulated downstream market.
The Chairman concluded by thanking shareholders, customers, employees, and business partners for their continued trust and support. He reaffirmed Conoil Plc’s commitment to disciplined execution, innovation, and long term value creation, noting that the Company remains firmly positioned to sustain growth and deliver consistent performance
across its operations.
Conoil underscores strong 2024 performance with N2.43bn dividend
