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Conoil Plc, the downstream petroleum marketing company controlled by Nigerian billionaire Mike Adenuga, has proposed a final dividend of N2 per share for the full year ended December 31, 2025, a 42.9 percent reduction from the N3.50 per share paid in 2024, after the company reported a 75.7 percent collapse in profit before tax.
The audited results filed with the Nigerian Exchange Limited show that Conoil's profit before tax fell to N2.677 billion ($1.97 million) from N11.004 billion ($8.08 million) in 2024. Profit after tax dropped 75.4 percent to N2.159 billion ($1.59 million) from N8.773 billion ($6.45 million). Revenue declined 6.6 percent to N301.72 billion ($221.7 million) from N323.127 billion ($237.4 million) in the prior year. Earnings per share fell 75.2 percent to 314 kobo from 1,264 kobo in 2024.
The proposed total dividend payout of N1.387 billion ($1.02 million) compares with N2.428 billion ($1.78 million) in 2024, a 42.9 percent decline. The company's share price has remained flat at N194.
Adenuga controls Conoil through Conpetro Limited, his wholly owned vehicle, which held 516,298,603 units or 74.40 percent of Conoil's issued share capital as at December 31, 2025, according to the company's register of members. No other shareholder held more than 5 percent of the company's issued shares. At the current share price of N194 per share, Adenuga's indirect stake through Conpetro is valued at approximately N100.16 billion ($73.6 million).
The earnings collapse was driven by escalating finance costs and macroeconomic headwinds that severely compressed the company's net profit margins throughout 2025. Nigeria's downstream petroleum sector faced significant pressure from the removal of fuel subsidies in May 2023 and subsequent currency devaluations that raised the cost of petroleum product imports, squeezed retail margins and increased working capital financing costs across the industry.
Conoil's shareholders fund contracted marginally by 0.7 percent to N39.220 billion ($28.8 million) from N39.490 billion ($29.0 million), reflecting the reduced earnings contribution to retained reserves after the dividend distribution.
The board's decision to cut the dividend by nearly half rather than maintain the prior year payout signals a deliberate prioritisation of balance sheet protection over income distribution at a moment when the company's profitability is under significant stress. The dividend reduction follows a strong 2024 performance in which Conoil's profit had risen twelve-fold, making the 2025 reversal particularly sharp in comparative terms.
Conoil Plc operates a network of filling stations, lubricant manufacturing facilities and aviation fuelling operations across Nigeria. It is one of the oldest independent downstream petroleum marketing companies in the country and one of the few with a significant manufacturing component through its lubricants plant in Apapa, Lagos. The company is listed on the NGX under the ticker CONOIL.
Adenuga, who founded Globacom, Nigeria's second-largest mobile telecommunications network, and controls Equitorial Trust Bank, is one of Nigeria's wealthiest individuals. Forbes estimates his net worth at approximately $7.4 billion, making him Nigeria's second-richest person after Aliko Dangote.
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