The origin of Conoil Plc, which started as the Shell Company of Nigeria, dates back to 1927, positioning it among Nigeria’s oldest petroleum marketing companies. The company was later renamed Shell Company of West Africa.
In 1975, the Federal Government of Nigeria acquired a 60% stake in the company through the Nigerian National Petroleum Corporation (NNPC), and the company became known as National Oil and Chemical Marketing Company.
The firm rebranded officially as Conoil Plc in January 2003 following acquisition by Conpetro Limited. Today, Conoil operates across three core segments: white products, lubricants, and liquefied petroleum gas (LPG) under the Congas brand.
Conoil maintains a rapidly expanding retail network of service stations nationwide, reinforced by strategically located depots, extensive bulk industrial fuel delivery, aviation fuelling terminals, and a strong presence in the lubricants and LPG markets.
The year 2023 was a standout year for the company as it recorded ₦201.4 billion in revenue, a 53% increase year-on-year.
Conoil’s revenue streams are heavily dominated by white petroleum products, about 96–97%, making diversification into lubricants and LPG a strategic priority going forward. Its financial resilience remains strong, with a rapidly growing balance sheet, rising retained earnings, and reduced leverage despite margin pressures and rising costs.
