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Conoil to recommend N4 dividend to shareholders

By on August 9, 2014

Conoil Plc’s Board of Directors has agreed to recommend a dividend of N4 per ordinary share to its shareholders for the financial year ended December 31, 2013.

The board is expected to propose the dividend to the shareholders at the company’s 44th annual general meeting, which is scheduled to take place on September 26 in Uyo, Akwa Ibom State.

This was part of the resolutions passed at the meeting of the board, which was held on Monday.

In a notice about the outcome of the meeting to the Nigerian Stock Exchange by the Company Secretary, Evi Obieroma, Conoil said the audited account for the 2013 financial year was approved for presentation at the AGM.

The board also appointed Mr. Akin Fabunmi and Mr. Adeyinka Adebiyin to sign the audited account for the year under review.

According to the company, the dividend warrants will be posted on October 6 to shareholders whose names appear in the register of members at the close of business on August 25.

It added that the register of members and the transfer book of the company would be closed from August 26 to August 29 to enable the preparation and payment of the dividend.

Conoil had on Monday announced the appointment of Mr. Charles Uwaechie as an executive director of the company.

The Chairman, Conoil, Dr. Mike Adenuga, had assured its shareholders at the 43rd AGM that it would continue to grow despite challenges.

He was quoted as saying, “We are building a stronger financial position and creating an enduring value for our shareholders. We will constantly develop strategies to sustain our position as the only marketer that always goes the extra mile for our ever growing customers, with total commitment to excellent service delivery.

“We firmly believe that such a robust strategy will ensure continued growth and stronger position in our core markets.”

Explaining further, Adenuga said the company’s investment in the acquisition of state-of-the-art equipment to meet the growing demands of its customers across the world had helped it to strengthen its leadership position.

According to him, the company’s retail strategy is to provide top quality products and services that will make customers want to always patronise it for their fuel and non-fuel needs.

“We are not resting on our oars in our aggressive acquisition and expansion drive that aims at increasing substantially, the number of our retail outlets nationwide,” he had stressed.

The company’s shares topped the gainers table on Thursday after rising by 10.24 per cent or N6.38 to close at N68.70 per share.

 

[Punch]