Conoil PLC, a leading energy company in Nigeria, held its 54th Annual General Meeting (AGM) on Friday, November 15, 2024, where shareholders approved key resolutions that reaffirm the company’s strong performance and strategic direction. The meeting reviewed the company’s financials for the year ended December 31, 2023, and set the stage for future growth and shareholder rewards.
Key Resolutions Passed
- Approval of Financial Statements During the AGM, the Board of Directors presented the company’s audited financial statements, which included the Statement of Financial Position as of December 31, 2023, the Profit or Loss, and Other Comprehensive Income for the year. The shareholders unanimously adopted these reports, alongside the auditors’ and audit committee’s statements, underscoring the company’s commitment to transparency and sound financial governance.
- Dividend Declaration Shareholders approved a dividend payout of ₦3.50 per share from the company’s profit for the 2023 financial year. This decision reflects Conoil’s consistent dedication to creating value for its shareholders. The dividend is payable to shareholders registered in the company’s books as of October 18, 2024, with a statutory withholding tax of 10% applicable.
- Re-Election of Non-Executive Directors The AGM also saw the re-election of three Non-Executive Directors, Dr. Mike Adenuga Jr. (GCON), Mr. Joshua Ariyo, and Mr. Mike Jituboh, who were retiring by rotation. Their re-election highlights the confidence of shareholders in their leadership and strategic oversight.
Leadership Remarks
The Chairman of Conoil PLC, Dr. Mike Adenuga Jr., expressed gratitude to the shareholders for their unwavering support and trust. He reiterated the company’s commitment to maintaining operational efficiency, expanding its market share, and delivering sustainable growth despite challenges in the global energy sector.
Dr. Adenuga emphasized the importance of Conoil’s role in Nigeria’s energy transition, highlighting ongoing investments in renewable energy and cleaner fuel solutions.
Shareholder Confidence
The resolutions passed reflect the confidence of shareholders in Conoil’s robust performance and future prospects. The dividend approval, in particular, reinforces the company’s dedication to rewarding investors, while the re-election of directors ensures continuity in governance and strategic leadership.
Outlook
Conoil PLC is poised to build on its achievements from 2023, with a focus on enhancing operational excellence and exploring opportunities in the evolving energy landscape. The company’s strong financial position and strategic initiatives are expected to drive continued growth and shareholder value in the years to come.
This AGM marks another milestone in Conoil’s journey as one of Nigeria’s leading energy companies, committed to innovation, sustainability, and stakeholder satisfaction.