Nigerian billionaire Mike Adenuga’s oil firm to distribute $2.2-million dividend to shareholders

Conoil Plc, Nigeria’s leading petroleum marketing company, led by billionaire businessman Mike Adenuga, the country’s third-richest man, has announced a substantial dividend payout of N1.73 billion ($2.2 million) to its shareholders.

The $2.2-million payout, which represents the final dividend for Conoil’s 2022 fiscal year, equates to N2.5 ($0.00319) per share for all 693,952,117 issued ordinary shares of the company.

Shareholders approved this decision during Conoil’s 53rd Annual General Meeting, held on Sept. 22, 2023, in Uyo, Akwa Ibom State.

The final dividend will be credited to shareholders’ accounts on Sept. 29, 2023, and reflects Conoil’s exceptional financial performance in its 2022 fiscal year.

Despite facing numerous challenges and a demanding operating environment, Conoil’s profit before tax, under the leadership of Adenuga, soared by an impressive 60.1 percent to N6.13 billion ($7.84 million) in 2022, up from N3.83 billion ($4.9 million) in 2021. While profit after tax increased by an equally impressive 60 percent, rising from N3.08 billion ($3.94 million) to N4.96 billion ($6.35 million) during the same period.

The petroleum-marketing subsector’s improved profitability propelled Conoil’s earnings per share to N7.14 ($0.0091), marking a remarkable 60.8 percent increase over the N4.44 ($0.00568) earned in 2021.

This outstanding performance prompted the company’s board of directors to approve a final dividend of $2.2 million, translating to a total final dividend of N2.5 ($0.00319) per share.

Under the astute leadership of Adenuga, Conoil has solidified its position as a dominant force in Nigeria’s petroleum marketing industry. The company is renowned for its expertise in the sale of diesel, kerosene, aviation fuel, gasoline, and a range of lubricants marketed under the “Quarto” brand.

Adenuga, a leading telecom mogul and one of Africa’s richest billionaires, maintains a majority stake of 74.4 percent, equivalent to 516,298,603 shares, in the oil marketing business, further cementing his status as a top player in the African oil industry.

This dividend payout underscores Conoil’s commitment to delivering value to its shareholders and its resilience in navigating challenges within the Nigerian market.