Conoil Plc, led by Mike Adenuga, has reported a significant 77% decline in profit, dropping to N2.009 billion in 2025 from N8.78 billion in 2024. The oil major’s revenue also took a hit, falling 7% to N301.721 billion in 2025.
The company’s financial woes are largely attributed to surging costs, with its cost of sales gulping 92.4% of revenue at N278.808 billion.
Finance costs skyrocketed by 162.46% to N10.38 billion, while administrative expenses rose 33% to N6.109 billion.
Conoil is facing a daunting court case with Nimex Petrochemical Nigeria Limited, which could cost it $13.757 million or N4.3 billion if the appeal is unsuccessful. The company has already provisioned for the judgment sum in its financial statements.
Additionally, Conoil is grappling with a debt of N80.121 billion in third-party trade receivables and has made a provision of N6.275 billion for bad and doubtful loans.
