Conoil Appoints new Acting Director of Finance

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The management of Conoil Plc has appointed Mr. Ismail Salami as its new Acting Director of Finance.

In a statement issued yesterday to the Nigerian Stock exchange (NSE), Conoil notified its shareholders, stakeholders, and the entire public of the appointment, adding that it is subject to the approval of its shareholders when they meet during the company’s next Annual General Meeting (AGM).

Mr. Ismail Salam is an accomplished professional with experience in diverse sectors of the economy. He is a graduate of Accountancy with an MBA in Financial Management and a Fellow of the Institute of Chartered Accountants.

Mr. Salam brings with him over 30 years of strong and decisive leadership experience in Teaching, Manufacturing, Banking, Telecommunications, and now Oil and Gas.

It could be recalled that the last time Conoil added a new member to its board was in October 2018, when it appointed Hardeep Kheterpal, as its Acting Managing Director.

READ ALSO: Nigeria may slide into another recession–CBN

Conoil Plc is yet to file its audited financial statement for the full year 2018. According to the company, the reason it is yet to do this is because its external auditors are having challenges effecting the mandatory conversion to the International Financial Reporting Standard (IFRS9).

Its last filed financial statement which was for Q3 2018 and it showed that the company’s revenue increased by 7.9% to N75.8 billion compared to the corresponding period in 2017.

The company’s profit before tax increased to N2.2 billion, up by 11.8%, while its profit after tax jumped to N1.58 billion, showing a 16.8% hike. While its earnings per share increased to 229 kobo, up by 16.8%.

It is on record that Conoil Plc is a Nigerian petroleum marketing company involved in the sale of regulated gasoline and kerosene, diesel, aviation fuel, and low pour fuel. Other business activities of the firm include production and marketing of lubricants under the brand name Quatro. The company was previously known as National Oil and Chemical Marketing Plc until it was acquired by Conpetro in 2002.

The company’s shares are currently trading at N20.15 on the Nigerian Stock Exchange.

 

Samson Oyedeyi

 

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