Highlights from Conoil Plc’s 54th Annual General Meeting (AGM)
Date: 15th November 2024
Location: Lagos, Nigeria
Conoil Plc’s AGM brought key decisions that will shape the company’s future. Here’s a breakdown of the resolutions:
1️⃣ Presentation of Reports
The Report of the Directors and Statement of Financial Position as of December 31, 2023, were presented alongside the Profit or Loss Statement and Auditor’s Report.
✅ Members unanimously adopted these reports during the meeting.
2️⃣ Dividend Declaration
Shareholders approved a dividend of N3.50 per share from the 2023 profit.
️ Shareholders on the register as of 18th October 2024 will receive payment after a 10% statutory withholding tax deduction.
3️⃣ Re-election of Directors
The following Non-Executive Directors were re-elected:
• Dr. Mike Adenuga, Jr. (GCON)
• Mr. Joshua Ariyo
• Mr. Mike Jituboh
Their continued leadership promises stability and expertise for the company’s strategic goals.
4️⃣ Disclosure of Managerial Remuneration
In compliance with Section 257 of the Companies and Allied Matters Act (CAMA) 2020, the remuneration of company managers was disclosed to shareholders.
5️⃣ External Auditor Remuneration
️ Shareholders authorized the Board to fix the remuneration of the company’s External Auditors, Messrs. Nexia Agbo Abel & Co., who agreed to continue their services.
6️⃣ Election of Audit Committee Members
The following shareholder representatives were re-elected unopposed to the Statutory Audit Committee:
1. Mr. Olalekan Oladepo Adesina
2. Ms. Bilqees Funmilayo Adeleye
3. Mr. Moses Idowu Ijayekunle
Additional members include Non-Executive Directors:
• Mr. Ademola Idowu
• Mr. Joshua Ariyo
7️⃣ Director Remuneration
A special resolution was passed to fix the remuneration of Non-Executive Directors, ensuring their commitment is well-compensated.
Key Takeaway
The 54th AGM reinforced Conoil Plc’s dedication to growth, transparency, and shareholder value. Here’s to another year of progress and profitability!
Date: 15th November 2024
Location: Lagos, Nigeria
Conoil Plc’s AGM brought key decisions that will shape the company’s future. Here’s a breakdown of the resolutions:
1️⃣ Presentation of Reports
The Report of the Directors and Statement of Financial Position as of December 31, 2023, were presented alongside the Profit or Loss Statement and Auditor’s Report.
✅ Members unanimously adopted these reports during the meeting.
2️⃣ Dividend Declaration
Shareholders approved a dividend of N3.50 per share from the 2023 profit.
️ Shareholders on the register as of 18th October 2024 will receive payment after a 10% statutory withholding tax deduction.
3️⃣ Re-election of Directors
The following Non-Executive Directors were re-elected:
• Dr. Mike Adenuga, Jr. (GCON)
• Mr. Joshua Ariyo
• Mr. Mike Jituboh
Their continued leadership promises stability and expertise for the company’s strategic goals.
4️⃣ Disclosure of Managerial Remuneration
In compliance with Section 257 of the Companies and Allied Matters Act (CAMA) 2020, the remuneration of company managers was disclosed to shareholders.
5️⃣ External Auditor Remuneration
️ Shareholders authorized the Board to fix the remuneration of the company’s External Auditors, Messrs. Nexia Agbo Abel & Co., who agreed to continue their services.
6️⃣ Election of Audit Committee Members
The following shareholder representatives were re-elected unopposed to the Statutory Audit Committee:
1. Mr. Olalekan Oladepo Adesina
2. Ms. Bilqees Funmilayo Adeleye
3. Mr. Moses Idowu Ijayekunle
Additional members include Non-Executive Directors:
• Mr. Ademola Idowu
• Mr. Joshua Ariyo
7️⃣ Director Remuneration
A special resolution was passed to fix the remuneration of Non-Executive Directors, ensuring their commitment is well-compensated.
Key Takeaway
The 54th AGM reinforced Conoil Plc’s dedication to growth, transparency, and shareholder value. Here’s to another year of progress and profitability!