Conoil Plc

Conoil Plc is the first and largest indigenous oil marketing company in Nigeria. It began operations in 1927 under the name Shell Company of Nigeria (SCN) and later Shell Company of West Africa. It was incorporated as a private limited liability company in 1960 and registered with the Nigerian Stock Exchange (NSE) as a public liability company in 1989. Earlier in April 1975, the Federal Government of Nigeria acquired 60 percent shares of the company through the Nigerian National Petroleum Corporation (NNPC) and the company became known as National Oil and Chemical Marketing Company (NOLCHEM).

In the year 2000, the Federal Government, through the Bureau of Public Enterprises (BPE), bought 40 per cent issued ordinary shares of the company held by Shell Company of Nigeria (UK) Limited. Following the privatisation of the company, Conpetro Limited acquired 60 per cent of the issued shares and as a result of a rights issue made by the company in 2002, Conpetro now holds 74.4 per cent of the issued capital; while the Nigerian public holds the remaining 25.6 per cent.