Conoil pays N1.7b dividend
By Gbenga Agbana
 31st OCT 2006

Shareholders of Conoil Plc at the weekend approved a gross dividend of N1.7 billion proposed by the company's directors for the financial year ended December 31, 2005.

The dividend cumulated in 250 kobo per share, but shareholders of the company asked for N5.00 per share at he end of the current financial year, noting that the interim results of the company so far was a pointer to the fact that the company could deliver superior returns at the end of the current financial year.

Addressing shareholders earlier before the approval of the dividend at the yearly general meeting at the weekend, the company's Chairman, Dr. Mike Adenuga disclosed that the company has made strategic investments that would ensure consistent growth and robust rewards for investors and stakeholders.

According to him, the company is expanding its frontiers in the industry and establishing new sources of revenue to enhance market share and meet shareholders' expectations. "Our focus for the future will be to further consolidate our competitiveness in the industry. This we will be by maximising our full potential with a view to growing the business at a much faster pace."

He reiterated the company commitment to consistent long-term real dividend growth, adding: "As always, we will remain focused on pursuing our strategic direction, growing value for our shareholders through robust profitability and our competitive edge."

After approving and commending the dividend payment, shareholders also asked the board of directors to take expansion of the company's retail outlets more serious, to enhance the company's turnover and profitability.

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