Glo Chairman Mike Adenuga to earn N1.29 billion from Conoil dividends

Nigerian billionaire and Globacom Chairman Mike Adenuga is set to receive a significant N1.29 billion in dividends from his shareholding in Conoil Plc, a petroleum marketing company.

Adenuga's N1.29 billion dividends, which make up his lion's share of the entire N1.73 billion final dividends approved by the company's shareholders at the 53rd Annual General Meeting on September 22, 2023, would be paid into his account on September 29, 2023.

Conoil shows outstanding performance in Q1 of 2023

The dividends payout delivers the oil company's impressive performance throughout the 2022 financial year.

Also, the firm has shown outstanding financial strength, with its Q1 2023 profits shooting up by 440%, rising from $1.21 million in the first quarter of 2022 to a massive $6.5 million.

Conoil has demonstrated its dominance in Nigeria's oil marketing sector. It celebrated its leadership in diesel, kerosene, aviation fuel, petrol, and other lubricants it sells under its brand.

According to reports, Adenuga owns about 74.4% majority stake in the company, representing 516,298,603 shares.

Conoil's profit jumps 60% first quarter of 2023

Conoil's profit after tax has skyrocketed by 60.1% to N6.13 billion in 2022, up from the N3.83 billion recorded in 2021.

The company's profit after tax saw an impressive 60% increase, rising from N3.08 billion to N4.96 billion in the same period.

Conoil's earnings per share hit N7.14, representing a 60.8% increase compared to the N4.44 earned in 2021.

The development led to the company's board of directors approving a final dividend of $2.2 million, a final N2.5 per share.