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Conoil pays N1.7b dividend


October 29, 2006/guardian




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.

For instance, a shareholder, Mr. Joseph Okelana said the company should make moves to expand the company\'s retail outlets in Oyo State and other parts of the country.

In his own remarks, the National Co-ordinator of the Independent Shareholders Association of Nigeria (ISAN), Chief Sunny Nwosu also urged the board of directors to evaluate the company\'s mega stations vis-?-vis that of the Nigerian National Petroleum Corporation (NNPC), all over the country with a view to either match or exceed that of NNPC.

Nwosu said: \"We want you to evaluate on mega stations vis-?-vis the ones owned by NNPC and really know our position and enhance ours.

\"We also want you to take care of our human resources so that we don\'t lose our staff to our competitors.\"

Responding, the Managing Director, Mr. Sina Tychus, said: \"We are thinking about increasing our retail stations to enhance turnover. From less than 300 stations, we now have 400. We are planning to build more.\"

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