Conoil pays N1.4bn as dividend in 2017

Conoil Plc, has proposed N1.4 billion as dividend payout to its shareholders for 2017 financial year in the face of daunting economic challenges in the country. The amount translates into N2.00 per every 50 kobo ordinary share held by investors. The proposed payment is in line with the Company’s consistent dividend policy, over the years, to its shareholders. The dividend proposed by the board of the indigenous petroleum marketer is expected to be ratified by shareholders at the Company’s next annual general meeting in Uyo, Akwa Ibom State. As part of the 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. The Board also approved that the register of members and the transfer books of the Company will be closed from June 11, 2018 to June 15, 2018, both days inclusive to enable the preparation and payment of dividends. It is on record that the oil marketing giant has a robust dividend payment 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 N8.4 billion 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. In a statement, the Company 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. While assuring that its promise to its shareholders remains maximum value, it reiterated delivery of excellent service and products to its customers.