Conoil Declares N1.4bn Dividend

• Conoil Declares N1.4bn Dividend

Conoil Plc, an indigenous petroleum marketing company, has proposed N1.4bn as dividend payout to its shareholders for its last financial year.

According to a statement by the firm, this translates to N2.00 on every 50 kobo ordinary share.

It said, “It is in line with the company’s consistent dividend policy, over the years, to its shareholders. The proposed dividend is expected to be ratified by its shareholders at the company’s next annual general meeting in Uyo, Akwa Ibom State.

“As part of its board resolutions to the Nigerian Stock Exchange, the company approved that the dividend warrants will be dispatched on July 9, 2018 to members whose names appear in the register of members at the close of business on June 8, 2018.”

It said the board also approved that the register of members and the transfer books of the company would be closed from June 11, 2018 to June 15, 2018, both days inclusive, to enable the preparation and payment of dividends.

The firm said, “It is on record that the oil marketing giant has a robust dividend payout history, which it has maintained over the years, and this has continually endeared it to its teeming shareholders. Between 2012 and 2016, the company has paid a total of N8.4bn as dividend.

“In the opinion of capital market operators, the company’s consistent dividend payment history has raised the bar of the strategic positioning of Conoil as truly the nation’s marketer of choice.”

The firm attributed the performance to its sustained culture of financial discipline, prudent and efficient execution of projects and plans, aggressive product development and marketing, supported by cutting-edge customer service delivery.

It assured its shareholders and customers of maximum value and delivery of excellent service and products.