Shareholders approve Conoil's N2.78bn dividend pay-out

 Shareholders of Conoil plc yesterday lauded the company’s declaration of N4 dividend, translating to N2.78bn cash payment for its 2013 financial year, despite the harsh operating environment witnessed by the downstream petroleum sector, during the period.

The shareholders expressed their delight at the company’s 44th Annual General Meeting held Tuesday, September 30 in Uyo, Akwa Ibom State. The shareholders unanimously commended the board and management for faithfully implementing the strategies and programmes that enabled the company record impressive performance across board.

At the AGM, the shareholders received the report of the directors and the statement of financial position of the company as at December 31, 2013 together with the statement of profit or loss and other comprehensive income for the year ended on that day and the report of the auditors and the audit committee.

Sunny Nwosu, national coordinator, Independent Shareholders Association of Nigeria (ISAN), said at the annual general meeting, “We are impressed with the record performance and the balance sheet. We are indeed happy that Conoil is paying quality dividend amid the tough challenges facing downstream operators in this country. It shows that the board and management of the company hold every shareholder in high esteem.”

Timothy Adesiyan, president of Nigeria Shareholders Solidarity Association (NSSA), said. “I am particularly pleased that the board kept to the promise made at the last meeting to boost bottom-line and ensure adequate returns on investment for shareholders. The revenue and profit growth compared favourably with industry performance. We can only wish that they continue to strengthen and consolidate on the company’s leadership position in the industry.”