Shareholders of Conoil plc shared N1.04 billion dividend for 2020 financial year

Conoil Oil Plc (NGX ticker: CONOIL) has published the resolutions passed by its Shareholders in the recently completed Annual General Meeting (AGM).

The resolutions adopted at Conoil Plc’s Annual General Meeting are contained in a corporate action published by the company on the Nigerian Exchange.

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The AGM of Conoil Plc for the year ended 31st December, 2020 was held on Friday, 12th November 2021 and the following resolutions were passed:

To lay before the members, the Report of the Directors and Statement of Financial position as at 31 December, 2020. The Annual General Meeting unanimously adopted the Report of the Directors and the Statement of Financial position as at 31 December, 2020 together with the Statement of Profit or Loss and Other Comprehensive Income for the year ended on that day and the Reports of the Auditors and the Audit Committee.
To declare a Dividend. The Annual General Meeting adopted unanimously the proposed resolution that a dividend of 150 Kobo per share aounting to N1.04 billion in respect of and out of the profit for the year ended 31st December 2020 be declared payable to the shareholders registered in the company’ books as at the close of business of Friday, 2nd of July 2021 subject to the deduction of the statutory Withholding Tax of 10%.
To re-elect retiring Directors. Pursuant to the Articles of the Company, the following Directors: Dr. Moses Ebi Omatsola and Engr. Babatunde Okuyemi who are non-executive directors became due to retire by rotation and being eligible, offered themselves for re-election.
1. Dr. Moses Ebi Omatsola. The Annual General Meeting passed the resolution that Dr. Moses Ebi Omatsola be re-elected as a Non-Executive Director of the Company.
2. Engr Babatunde Okuyemi. The Annual General Meeting passed the resolution that Engr. Babatunde Okuyemi be re-elected as a Non-Executive Director of the Company.
To disclose the remuneration of Managers of the company in compliance with Section 257 of CAMA 2020. Appropriate disclosure regarding the remuneration of Managers of the Company in complaince with Section 257 of the Companies and Allied Matters Act, 2020 was made to the shareholders attending the Annual General Meeting.
To authorize the Directors to fix the remuneration of the External Auditors for the ensuing year. The Annual General Meeting adopted unanimously the proposed resolution to authorize the Directors to fix the remuneration of the External Auditors – Messrs. Nexia Agbo Abel & Co. who indicated their willingness to continue as External Auditors of the Company.
To elect/re-elect the members of the Statutory Audit Committee. The following representatives of the Shareholders were elected as members of the Statutory Audit Committee for the 2021 financial year:
1. Mr. Adesina Olalekan Oladepo
2. Mr. Aderenle, Sulaimon Babatunde; and
3. Madam Adeley, Funmilola Bilqees.
4. Mr. Ike Oraekwuotu (Non-Executive Director)
5. Mr. Joshua Ariyo (Non-Executive Director)
To fix the remuneration of the Directors. The Annual General Meeting adopted unanimously the proposed resolution and Special Business to fix the remuneration of the Directors.

In its financial report for the 2020 financial year ending 31st December 2020, CONOIL reported N1.44 billion (2019: N1.97 billion) profit for the year, with an Earnings Per Share (EPS) of 208 Kobo (2019: 284 Kobo).

For the financial year ended 31st December 2019, the company paid a dividend of 200 Kobo per share.

As per the dividend payment corporate action from the company, the 150 Kobo per share dividend was paid to Shareholders electronically on Friday, 19th November 2021.

CONOIL has a market capitalization of N15.44 billion, with 693.95 million outstanding shares.

Its current share price is N22.25 per share. The 52 week high price for the share is N25.50 and 52 week low is N17.00.