Conoil’s ₦2.43 billion final dividend for 2024 will deliver substantial returns to shareholders, with chairman Mike Adenuga receiving the largest payout now
Conoil Plc has announced a final dividend of ₦2.43 billion for the 2024 financial year, a move that is set to deliver significant returns to investors and reaffirm the company’s commitment to shareholder value despite volatility in Nigeria’s petroleum market.
The Lagos-based oil marketing firm disclosed that the distribution will apply to shareholders listed in its Register of Members as of the close of business on November 21, 2024. The dividend, proposed at ₦3.50 per share, underscores Conoil’s effort to maintain stable investor rewards even as market conditions remain unpredictable. The company currently has 693.9 million shares outstanding.
The biggest beneficiary of the payout will be billionaire businessman Mike Adenuga Jr., who serves as Conoil’s chairman. Through indirect holdings amounting to 103,259,720 shares, Adenuga stands to receive the largest individual portion of the declared dividend. His substantial stake reflects both his long-standing influence within the company and his wider role in Nigeria’s private sector.
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The announcement comes at a time when Conoil’s share price has recently slipped to a 52-week low, echoing broader challenges in Nigeria’s downstream oil and gas industry. Analysts note that dividend distributions often serve as a stabilizing force for investors by offering measurable returns even when equity prices face downward pressure. For many minority shareholders, the payout represents a welcome boost amid an uncertain trading environment.
According to Conoil officials, the dividend aligns with the firm’s long-term financial strategy, which prioritizes both operational resilience and consistent investor engagement. Company executives say the decision signals confidence in future earnings potential, particularly as global energy markets continue to grapple with price shifts, supply constraints, and geopolitical complexities.
The dividend also highlights the ongoing importance of Nigeria’s oil sector to the national economy. Despite structural challenges ranging from foreign exchange pressures to infrastructure constraints, established companies such as Conoil continue to balance shareholder rewards with investment in operations, logistics, and market expansion.
For investors, the latest announcement reinforces Conoil’s reputation as a steady dividend payer within the Nigerian equities market. Market watchers advise shareholders to monitor forthcoming corporate disclosures and broader economic trends, which could influence both future dividends and share price performance.
As the company prepares to distribute the funds, the dividend offers both reassurance and incentive—a reflection of Conoil’s intention to maintain stability while navigating the shifting dynamics of the energy landscape.
