Billionaire businessman Mike Adenuga is set to receive an estimated ₦1.03 billion in dividends from Conoil Plc following the company’s approval of a final dividend for shareholders.
Conoil declared a final dividend of ₦3.50 per share for the financial year ended December 31, 2025, translating to a total cash distribution of approximately ₦2.43 billion to shareholders.
As the company’s largest shareholder, Adenuga controls an estimated 42.5% stake in Conoil. Based on this shareholding, he is expected to receive about ₦1.03 billion from the dividend payout, making him the biggest beneficiary of the distribution.
The dividend reflects Conoil’s continued commitment to rewarding shareholders amid evolving conditions in Nigeria’s downstream petroleum sector. The company has maintained a record of paying dividends over the years, providing returns to both institutional and retail investors.
Conoil operates one of Nigeria’s largest networks of fuel retail outlets and supplies a range of petroleum products, including premium motor spirit, automotive gas oil, aviation fuel, kerosene, and lubricants. The company remains a significant player in the country’s oil marketing industry.
For Adenuga, whose business empire spans telecommunications, oil and gas, banking, and real estate, the dividend represents another boost to income generated from his extensive equity holdings in publicly listed companies.
The latest dividend announcement comes as investors on the Nigerian Exchange continue to favour companies with strong earnings, healthy cash flows, and consistent shareholder returns. Dividend-paying stocks have remained attractive to investors seeking protection against inflation and market volatility.
