Economy
Conoil Shareholders Approve N2.15b Dividend
By Dipo Olowookere
Shareholders of Conoil Plc have approved the payment of N2.15 billion dividend proposed by the board of the oil firm.
At the 47th Annual General Meeting (AGM) of the company held at the weekend in Uyo, Akwa Ibom State, the shareholders praised the management for the impressive performance recorded in the last financial year.
President of Renaissance Shareholders’ Association, Ambassador Olufemi Timothy, remarked that shareholders were elated that despite the downturn in the economy; with the attendant sharp increase in operating costs, Conoil still recorded impressive growth in all key areas.
“Conoil’s performance for the year ended December 31, 2016 was very encouraging. Against the backdrop of a volatile and tough operating environment, the company still recorded strong margins which in turn impacted shareholders positively,” Mr Timothy enthused.
Also, Grand Patron of Nigerian Shareholders’ Solidarity Association, Chief Timothy Adesiyan, in his reaction, noted that “the management and board of the company have not only performed excellently well but have also fulfilled their promise of maintaining consistent returns to shareholders”.
“Given the tough operating environment in 2016 characterized by tight liquidity, rising cost of funds and the inability of petroleum marketing companies to import fuel in the face of little or no supply from the domestic refineries, Conoil still braved the odds, recorded profits and is able to pay dividend to its shareholders,” said Mr Adesiyan.
In his own comment, Alhaji Kazeem Olayiwola, Chairman, Alheri Shareholders’ Association, Kaduna, praised the resilience of Conoil in the face of a tough operating environment.
According to him, “Conoil has continually set standards in fuel retailing with world-class facilities and ground-breaking marketing initiatives that endear it to customers and place it far ahead of competition.
“I am therefore delighted that this has translated to good dividends to shareholders at a time like this, we sure do have a bright future.”
Conoil, in a statement, expressed its gratitude to all those who made it possible to achieve the excellent results; including shareholders for their confidence, customers for their unalloyed patronage, and staff for their dedication and hard work.
It assured its stakeholders of bigger and better business prepositions with an eye on the future to continue to deliver excellent results.
“The company’s overall strategy will continue to positively impact its current size, and our investments in the required areas will continue to ensure effective and efficient delivery of our avowed goals,” the leading oil firm in Nigeria said.
In the last financial year, the nation’s foremost indigenous petroleum marketer declared a profit before tax of N4.28 billion from N3.4 billion in 2015, an increase of 24 percent.
Overall, the company’s financial performance shows persistent resilience amidst challenging economic conditions in the country.
The result also shows growth across all key financial indices. Its profit after tax increased from N2.30 billion in 2015 to N2.84 billion, representing a 23 percent rise. Its revenue increased from N82.9 billion to N85.02 billion.
The company’s earnings per share increased sharply by 23 percent from 333 kobo in 2015 to 409 kobo in 2016.
In the opinion of capital market operators, this performance has further raised the bar of the strategic positioning of Conoil as truly the nation’s marketer of choice.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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