CONOIL : AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Contents	Page
Corporate information	2
Results at a glance	3
Report of the directors	4
Statement of directors' responsibilities	19
Board performance evaluation report	20
Certification of financial statements	21
Statement of securities trading policy	22
Statement of free float rules status	23
Management's annual assessment of/and report on Internal Control Financial Reporting	24
Certification of management's assessment on Internal Control Financial Reporting	25
Report of the audit committee	26
Report of the independent auditors	27 - 29
Independent practitioner's report	30 - 31
Statement of profit or loss and other comprehensive income	32
Statement of financial position	33
Statement of changes in equity	34
Statement of cashflows	35
Notes to the financial statements	36
Statement of value added	73
Five year financial summary	74

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	1

			CORPORATE INFORMATION
Directors:	Dr. Mike Adenuga (Jr), GCON	-	Chairman
	Mr. Kheterpal Hardeep Singh	-	Managing Director	-	Resigned 24th Nov. 2023
	Mr. Gupta Tajendra	-	Managing Director	-	Appointed 24th Nov. 2023
	Mr. Ike Oraekwuotu	-	Acting MD	-	With effect from 6th April 2024
	Dr. Moses Ebietsuwa Omatsola	-	Director
	Mr. Mike Jituboh	-	Director
	Engr Babatunde Okuyemi	-	Director
	Mr. Joshua Ariyo	-	Director
	Mr. Ademola Idowu	-	Director
	Miss Abimbola Michael - Adenuga	-	Executive Director
	Mr. Salam Ajani Ismail	-	Executive Director, Finance
Company Secretary:	Mr. David Lanre-Leke
RC Number:	7288
Registered Office:	Bull Plaza
	38/39 Marina
	Lagos
	www.conoilplc.com
Auditors:	Nexia Agbo Abel & Co
	43 Anthony Enahoro Street
	Utako
	FCT Abuja.
	www.nexianigeria.com
Registrars:	Meristem Registrars Limited
	213 Herbert Macaulay Way
	Adekunle
	Yaba
	Lagos
	www.meristemregistrars.com
Principal Bankers:	First Bank of Nigeria Limited
	Guaranty Trust Bank Plc

Sterling Bank Plc

United Bank for Africa Plc

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	2

		RESULTS AT A GLANCE
	2023	2022	%
	N'000	N'000	Change
Revenue	201,387,053	131,422,272	53.2
Profit before taxation	12,277,265	6,134,762	100.1
Taxation	(2,409,026)	(1,177,036)	104.7
Profit for the year	9,868,239	4,957,726	99.0
Retained earnings	28,973,828	20,840,469	39.0
Share capital	346,976	346,976	-
Shareholders' funds	33,145,573	25,012,214	32.5
Per share data
Earnings per share (kobo)	1,422	714	99.0
Dividend per share (kobo)	250	250	-
Net assets per share (kobo)	4,776	3,604	32.5
Stock exchange quotation at 31 December (naira)	83.9	26.5	216.6

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	3

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors of Conoil Plc are pleased to present their report on the affairs of the Company, together with the audited financial statements and the auditor's report for the year ended 31 December 2023.

1. Legal status
   Conoil Plc (formerly National Oil and Chemical Marketing Plc) was incorporated in 1960 as a private limited liability company - Shell Nigeria Limited. In April 1975, the Federal Government of Nigeria acquired 60% shares of the Company through the Nigerian National Petroleum Corporation (NNPC) and the Company became known as National Oil and Chemical Marketing Company (NOLCHEM). The Company was later converted to a public company and in the year 2000, the Federal Government of Nigeria through the Bureau of Public Enterprises (BPE) bought 40% issued ordinary shares of the Company held by Shell Company of Nigeria (UK) Limited. After the privatization of the Company, Conpetro Limited acquired 60% of the issued shares of the Company. As a result of a rights offering by the Company in 2002, Conpetro Limited now holds 74.4% of the issued capital while members of the Nigerian public hold the remaining 25.6% stake in the Company. The Company's name was formally changed from National Oil and Chemical Marketing Plc to Conoil Plc on 14 January, 2003.
2. Principal activities
   The principal activities of the Company are the marketing of refined petroleum products, manufacturing and marketing of lubricants, household and liquefied petroleum gas for domestic and industrial use.
3. Results for the year

The following is a summary of the Company's operating results:	2023	2022	%
	N'000	N'000	Change
Revenue	201,387,053	131,422,272	53.2
Profit before tax	12,277,265	6,134,762	100.1
Profit after tax	9,868,239	4,957,726	99.0
Proposed dividend	1,734,880	1,734,880	-
Share capital	346,976	346,976	-
Shareholders fund	33,145,573	25,012,214	32.5

1. Dividends
   The Directors recommend the payment of a dividend of 350 kobo per share on the results for the year 2023.
2. Changes on the Board of Directors
   The names of the Directors that served during the year are as listed on page 2
   In the course of the financial year ended December 31, 2023, there were no changes in the Board of Directors of Conoil Plc.
3. Directors' interest in shares
   The Directors who held office during the year, together with their direct and indirect interests in the issued share capital of the Company as recorded in the Register of Directors' Shareholding and/or as notified by the Directors for the purposes of sections 301 and 302 of the Companies and Allied Matters Act, 2020 and the listing requirements of the Nigerian Exchange Group is as follows:

Directors			Total	Total
	Direct	Indirect	2023	2022
	Number	Number	Number	Number
Dr Mike Adenuga (Jr), GCON *	Nil	103,259,720	103,259,720	103,259,720
Mr. Hardeep Kheterpal (Indian)	Nil	Nil	Nil	Nil
Mr. Gupta Tajendra (India)	Nil	Nil	Nil	Nil
Dr. Moses Ebietsuwa Omatsola	541	Nil	541	541
Engr Babatunde Okuyemi	8,500	Nil	8,500	8,500
Mr Mike Jituboh	Nil	Nil	Nil	Nil
Mr Ike Oraekwuotu	Nil	Nil	Nil	Nil
Miss Abimbola Michael - Adenuga	Nil	Nil	Nil	Nil
Mr. Ismail Salam	Nil	Nil	Nil	Nil
Mr Joshua Ariyo	25,365	Nil	25,365	25,365
Mr Ademola Idowu	15,125	Nil	15,125	15,125
*Representing Conpetro Limited

There were no material changes to Directors' shareholdings within the year ended 31 December, 2023.

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	4

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. Contracts
   For the purposes of Section 303 of the Companies and Allied Matters Act, 2020, none of the Directors have notified the Company of any disclosable interests in contracts involving the Company during the year.
2. Directors' remuneration
   The Company ensures that remuneration paid to its Directors complies with the provisions of the codes of corporate governance issued by its regulators. In compliance with the provisions of Principle 16, and the Recommended practices in Articles 16.5 - 16.14 of the Nigerian Code of Corporate Governance 2018 as issued by the Securities and Exchange Commission, the Company makes disclosure of remuneration paid to its directors as follows:

Remuneration package	Description	Time of payment
Basic Salary	•	Part of gross salary package for Executive	Paid monthly during
	•	DirectorReflects the industry competitive salary	the financial year
		package and the extent to which the Company's
		objectives have been met for the financial year.
13th Month Salary	•	Part of gross salary package for Executive Directors	Paid in the last
		only	month of the financial
	•	Reflects the industry competitive salary package and	year
		the extent to which the Company's objectives have
		been met for the financial year.
Director's Fee	Paid annually immediately after the Annual General	Paid annually
	Meeting ('AGM') to Non-Executive Directors only.	immediately after the
			AGM
Sitting Allowances	Allowances paid to Non-Executive Directors only for	Paid after each
	attending Board and Board Committee Meetings.	meeting

9. Retirement by rotation

Pursuant to Articles 92, 93 & 94 of the Company's Articles of Association, which requires one third of the Directors (excluding Executive Directors) who shall be those who have been longest in office since their last election; the following Directors: Dr. Mike Adenuga Jr. (GCON), Mr. Mike Ike Oraekwuotu and Mr. Mike Jituboh who are non-executive directors, are due to retire by rotation and being eligible, have offered themselves for re-election.

Summary profile of retiring directors

1. Dr. Mike Adenuga Jr. (GCON) - Non Executive Director B.Sc., MBA, Honorary D. Litt
   Over 35 years as an entrepreneur with interest in Petroleum Upstream, Down Stream, Telecommunications and Banking.

1. Mr. Ike Oraekwuotu - Non Executive Director B.Sc., MBA
   Over 41 years working experience in Banking, Telecommunication and Petroleum Downstream sectors

1. Mr. Mike Jituboh - Non Executive Director B.Sc., MBA
   Over 51 years working experience in telecommunication, Petroleum Upstream and Downstream sectors.

CONOIL PLCRC: 7288	2023 FINANCIAL STATEMENTS
RC: 7288	5

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2023

10. Shareholding analysis

As at 31 December 2023, the range of shareholdings of the Company was as follows:

Share Range	No of Holders		Holders' %	Holders' Cum	Units		% Units	Units Cum
1 -	1,000	126,121	88.68	126,121	51,813,936	7.47	51,813,936
1,001	-	5,000	13,946	9.81	140,067	25,123,743	3.62	76,937,679
5,001	-	10,000	1,011	0.71	141,078	7,337,032	1.06	84,274,711
10,001	-	50,000	922	0.65	142,000	18,652,239	2.69	102,926,950
50,001	-	100,000	119	0.08	142,119	8,511,851	1.23	111,438,801
100,001	-	500,000	85	0.06	142,204	15,980,356	2.30	127,419,157
500,001	-	1,000,000	11	0.01	142,215	7,881,951	1.14	135,301,108
1,000,001 - 5,000,000	7	0.00	142,222	11,190,895	1.61	146,492,003
5,000,0001 - 10,000,000	2	0.00	142,224	13,626,535	1.96	160,118,538
10,000,001	-	and above	2		0.00	142,226	533,833,579		76.93	693,952,117
			142,226	100.00		693,952,117	100.00

11. Major shareholding

According to the Register of members, no shareholder of the Company other than Conpetro Limited as noted below held more than 5% issued shares of the Company as at 31 December 2023.

The shares of the Company were held as follows:
	2023 Number of Shares			2022 Number of Shares
			%			%
Conpetro Limited	516,298,603		74.40	516,298,603	74.40
Other Shareholders	177,653,514		25.60		177,653,514		25.60
Total	693,952,117		100.00	693,952,117	100.00

12. Share capital history

Conoil Plc ("Company"), which commenced operations in 1927 under the name Shell Trading Company, was incorporated as a limited liability company in 1960 and later converted to a public limited company with an authorized share capital of N14 Million divided into ordinary shares of N2.00 each, all of which were fully issued and paid up. The shares were sub-divided into ordinary shares of 50 Kobo each in 1991. The authorized share capital of the Company was increased to N350 Million divided into 700 Million ordinary shares of 50 Kobo each, out of which N171.5 Million made up of 343 Million ordinary shares of 50 Kobo each were issued and paid up.

Year	Authorised share capital	Issued & fully paid	Number of
	Increase	Cumulative	Increase	Cumulative	shares	Consideration
	N	N	N	N
1975	14,000,000	14,000,000	14,000,000	14,000,000	14,000,000	Cash
1983	42,000,000	56,000,000	28,000,000	42,000,000	42,000,000	Bonus (2:1)
1991	19,000,000	75,000,000	-	42,000,000	-	-
1991	-	75,000,000	14,000,000	56,000,000	56,000,000	Cash
1995	125,000,000	200,000,000	28,000,000	84,000,000	168,000,000	Bonus (1:2)
1996	-	200,000,000	42,000,000	126,000,000	252,000,000	Bonus (1:2)
1997	-	200,000,000	21,000,000	147,000,000	294,000,000	Bonus (1:6)
1998	-	200,000,000	24,500,000	171,500,000	343,000,000	Bonus (1:6)
2002	150,000,000	350,000,000	-	171,500,000	343,000,000	-
2003	-				578,294,117	Convertible
		350,000,000	117,647,059	289,147,059		loan stock
2004	-	350,000,000	57,829,000	346,976,059	693,952,117	Bonus (1:5)

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	6

					REPORT OF THE DIRECTORS
				FOR THE YEAR ENDED 31 DECEMBER 2023
13. Dividend payment history
DIV No. DIV. Type	Year ended	Declaration	Dividend rate	Total amount of	Total amount of
			date	per share	dividend gross	dividend net
				N	N	N
12	Final	31/12/2001	21/06/2002	0.50	171,500,000.0	154,350,000.0
13	Final	31/12/2002	20/06/2003	2.00	686,000,000.0	617,400,000.0
14	Final	31/12/2003	27/08/2004	3.50	2,024,029,409.5	1,821,626,468.6
15	Final	31/12/2004	25/11/2005	2.00	1,387,904,234.0	1,249,113,810.6
16	Final	31/12/2005	27/10/2006	2.50	1,734,880,292.5	1,561,392,263.3
17	Final	31/12/2006	31/08/2007	2.75	1,908,368,321.8	1,717,531,489.6
18	Final	31/12/2007	29/08/2008	2.75	1,908,368,321.8	1,717,531,489.6
19	Final	31/12/2008	18/12/2009	1.00	693,952,117.0	624,556,905.3
20	Final	31/12/2009	22/10/2010	1.50	1,040,928,175.5	936,835,358.0
21	Final	31/12/2010	24/06/2011	2.00	1,387,904,234.0	1,249,113,810.6
22	Final	31/12/2011	30/08/2012	2.50	1,734,880,292.5	1,561,392,263.3
23	Final	31/12/2012	04/10/2013	1.00	693,952,117.0	624,556,905.3
24	Final	31/12/2013	30/09/2014	4.00	2,775,808,468.0	2,498,227,621.2
25	Final	31/12/2014	23/10/2015	1.00	693,952,117.0	624,556,905.3
26	Final	31/12/2015	28/10/2016	3.00	2,081,856,351.0	1,873,670,715.9
27	Final	31/12/2016	11/08/2017	3.10	2,151,251,562.7	1,936,126,406.4
28	Final	31/12/2017	13/07/2018	2.00	1,387,904,234.0	1,252,452,464.8
29	Final	31/12/2018	16/08/2019	2.00	1,387,904,234.0	1,251,217,929.0
30	Final	31/12/2019	23/10/2020	2.00	1,387,904,234.0	1,252,071,715.4
31	Final	31/12/2020	19/11/2021	1.50	1,040,928,175.5	936,835,358.0
32	Final	31/12/2021	28/10/2022	2.50	1,734,880,292.5	1,561,392,263.3
33	Final	31/12/2022	22/09/2023	2.50	1,734,880,292.5	1,561,392,263.3

1. Property, plant and equipment
   Movement in property, plant and equipment during the year are shown under Note 15 to the Accounts. Changes in the value of property, plant and equipment were due to additions and disposals as shown in Note 15. In the opinion of the Directors, the market value of the Company's properties is not lower than the value shown in the audited Financial Statements.
2. Suppliers
   The Company obtains its materials from overseas and local suppliers. Among its foreign and local suppliers, the major suppliers of petroleum products to the Company are - NNPC Trading Limited, Tulcan Energy Resources Limited, NECIT Nigeria Limited.
3. Distribution network
   The distribution of the Company's products is done through its own network of branches, numerous dealers and distributors who are spread around the country. The Company has over 300 dealers and distributors.
   Some of the Company's major dealers and distributors are as follows:

S/No.	Dealer	Station	Location of station
1.	Mr Johnson Iwarere	Marina Service Station	Marina, Lagos Island, Lagos.
2.	Mrs. Magret Uyokpeyi	Alapere Mega Station	3rd Axial Road, Lagos - Ibadan
			Expressway, Alapere Area, Lagos.
3.	Capt. A. Adeyinka	Kilometer 10	FAAN Local Airport, Km. 10 Agege Motor
			Road, Ikeja, Lagos.
4.	Mrs A.K. Fagbure	KM 4 Benin/Sapele Road	KM 4, Benin/Sapele Road Benin
		Service Station
5.	Mrs Lami Ahmed	Herbert Macaulay Filling	Plot 763, Herbert Macaulay Way, CBD,
		Station, Abuja	FCT, Abuja.
6.	Mr Akin Olanrewaju	Kado Mega Station, Abuja	B5, Cadastral Zone, Kado Estate, Kado,
			FCT, Abuja.
7.	Mr Samuel Dixon	Iganmu Station	Old Apapa Road, by Costain Roundabout,
			Iganmu, Lagos.
8.	Mr Sheyi Adebayo	Eric Moore Service Station	Eric Moore Road, Eric Moore, Surulere,
			Lagos.
9.	Mrs Rewane-Fabyan	Hughes Avenue Service Station	Herbert Macaulay Way, Alagomeji, Yaba,
			Lagos.
10.	Mr. Kennedy Izuagbe	Toll Gate Mega Station	Along Lagos - Ibadan Expressway, near
			old Toll gate, Alausa, Lagos.
CONOIL PLC			2023 FINANCIAL STATEMENTS
RC: 7288			7

			REPORT OF THE DIRECTORS
			FOR THE YEAR ENDED 31 DECEMBER 2023
16. Distribution network (Continued)
S/No. Dealer	Station	Location of station
11.	Mrs C. O. Okonede	Western Avenue Service	Western Avenue, Barracks Bus Stop, Surulere, Lagos.
		Station
12.	Mr. Adewale Adeleye	G.R.A Mega Station	Oba Akinjobi Road, by GRA Roundabout, Ikeja, Lagos.
13.	Mr. Tunde Thani	Lasu Service Station	KM 13, Lagos Badagry Express Way LASU
14.	Mr. Abimbola Olawale	Ikate - Lekki Mega Station	Ikate Elegushi/Lekki, Lekki - Epe Expressway, Lagos.
15.	Mr. Kadiri Yunusa	Durumi Mega Station, Abuja	B5, Cadastral Zone, Durumi District, Area 1, Durumi,
			FCT, Abuja.
16.	Mr. Samuel Okorho	Lugbe Extension Mega Station	Plot 199 Cadastral Zone, Airport Road, Lugbe District,
			Abuja, F.C.T.
17.	Golddust Ventures	Utako Mega Station	Utako Cadastral Zone B5, Utako District, Abuja, F.C.T.
18.	Mr. Chinedu Iroegbu	Obio Mega Station	Port Harcourt - Aba Express Way, Market Junction,
			Port Harcourt City, Rivers State.
19.	A.M and Sons	Kaita Road, Service Station	Kaita Road, Katsina.
20.	A. Likoro	Sokoto Road, Service Station	Sokoto Road, Zaria.
21.	Ubolo Okpanachi	Garki Service Station	42 Festival Road, Area 10, Garki, Abuja, F.C.T.
22.	Mr. Akinyemi Omoyeni	Chevron Mega Station	Lekki - Epe, Express Way, Chevron Roundabout.
23.	Mr. Adebambo Bashorun	Ajah Mega Station	Lekki - Epe Express Way, Ajah
24.	Mr. Idon Godfrey	Kilometer 2 Service Station	FAAN Local Airport, Km. 2, Ikeja.
25.	Dr. Desmond Amegbeboh Oregun Service Station	Kudirat Abiola way, Oregun Ikeja.
26.	Mrs. Tola Aworh	Poly South Service Station	South Gate, The Polytechnic, Ibadan.
27.	Mr.Paul Nwokobia	Mile 2 Mega Station	109 Ikwerre Road, by Ikoku Junction, Port Harcourt.
28.	Hon. Andrew Momodu	Airport Road Service Station	Along Air Port Road Benin City
29.	Prince Simeon Ajibola	Ikere Filling Station Ikere Ekiti	Along Ado/Ikere Road Ikere Ekiti
30.	Alhaji Mohammed Okeji	Apo Mega Station Abuja	Apo Mechanic Village, Apo Abuja FCT

1. Post balance sheet events
   There were no post balance sheet events which could have had a material effect on the state of affairs of the Company as at 31 December 2023 and on the profit for the period to that date which have not been adequately provided for.
2. Human resources policy
   (i). Recruitment
   The Company conforms with all regulatory requirements in the employment of staff, whilst also ensuring that only fit and proper persons are approved for appointment to board or top management positions. All prescribed pre-employment screening for prospective employees and other requirements for regulatory confirmation of top management and expatriates' appointments are duly implemented.
   (ii). Diversity and Inclusion
   The Company treats all employees, prospective employees and customers fairly and equally, regardless of their gender, sexual orientation, family status, race, colour, nationality, ethnic or national origin, religious belief, age, physical or mental disability, or any such factor. In the coming years, the Company seeks to increase the female representation at Board and Top Management levels respectively, subject to identification of candidates with appropriate skills. For the purpose of this statement, "Board" refers to Managing Director/ CEO, Executive Directors and Non-Executive Directors while "Top Management" refers to General Manager, Deputy General Manager and Assistant General Manager grades.

Gender Analysis	Male	Female	Total	Ratio
Permanent staff	146	17	163	8:1
Expatriates	15	0	15	15:00
Others	428	30	458	14:01

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	8

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2023

19. Employment and employees

(i).	Employment of physically challenged persons
	The Company's operates a non-discriminatory policy in the consideration of applications for employment,
	including those received from physically challenged persons. In the event where an employee becomes
	physically challenged in the course of employment, where possible, the Company may arrange training to
	ensure the continuous employment of such a person without subjecting him/her to any disadvantage in
	his/her career development. As at 31st December 2023, there were 3 (three) physically challenged persons
	in the employment of the Company.

(ii). Employees involvement

During the year, the Company maintained good relationship with its employees. To enhance communication between management and staff, management briefings were extended to all levels of staff during the year. These efforts were supplemented by regular consultative departmental / divisional meetings and in-house bulletins to keep employees informed on the state of the Company's operations.

(iii). Employees training and development

The development and training of the Company's staff continue to receive constant attention. It is the belief of the Company that the professional and technical expertise of its staff constitutes a major asset. The Company has established a Training School for Staff to initiate and foster a culture of excellence in its operations and service delivery.

(iv). Welfare

The Company operates the requisite Insurance cover for the varied cadre of its employees including Employee Compensation Act contributions for the benefits of its employees. Employees are insured against occupational and other hazards. The Company also operates a contributory pension plan in line with the Pension Reform Act 2004 (amended in 2014) as well as a terminal payment scheme for its employees.

(v). Health

The Company maintains business premises designed with a view to guaranteeing the safety and healthy living conditions of its employees and customers alike. The Company maintains well-equipped medical clinics at its head office and other major operational locations. This is complemented by medical services during and after working hours by medical retainers in locations across the country. Staff also enjoy medical insurance with negotiated bulk benefits from credible Health Maintenance Organizations under the National Health Insurance Authority (NHIA).

(vi). Safety and environment

To enhance the health and safety of all employees, safety regulations are conspicuously displayed and enforced in all the Company's offices and installations. .Fire prevention and fire-fighting equipment are installed in strategic locations within the Company's premises.

The Company carries out safety and operations inspections on a regular basis. It also provides safety equipment in all its installation and retail outlets. In addition, safety training is provided for staff. Firefighting drills are regularly carried out to keep workers at alert in the event of a fire outbreak. The Company lays emphasis on industrial hygiene, and inspection, and provides good sanitary facilities for its employees. The Company ensures non-pollution of the environment within its areas of operation.

20. Compliance with the code of corporate governance

Conoil Plc ("the Company") is committed to carry on its operations in a fair, honest and transparent manner in compliance with a high level of professional ethics, and international best practice and procedure in Corporate Governance. With the goal to deliver greater shareholder value, the Company has continued to subject its operations to the high standards of corporate governance, which is an essential foundation for sustainable corporate success. We are dedicated to uphold the creed and principles of good Corporate Governance in all our operations which is the bedrock of the public trust and confidence reposed in us by shareholders, business partners, employees and the financial markets; and the key to our continued long-term success.

Corporate Governance is a key driver of corporate accountability and business prosperity. It is also aimed at increasing entities' levels of transparency, trust and integrity, and create an environment for sustainable business operations. Conoil Plc complies with the provisions of the Code of Best Practices on Corporate Governance in Nigeria and the requirements of the current Nigerian Code of Corporate Governance 2018. The Company adopts a responsible approach in its activities by maintaining a high standard of openness and accountability while also taking into consideration the interest of stakeholders.

CONOIL PLC	2023 FINANCIAL STATEMENTS
RC: 7288	9