Oil Mogul Mike Adenuga has seen a $600 million increase in his net worth since the beginning of the year. The strategic increase comes as the market value of his private holdings continues to monitor the performance of its peers on the stock market.
Recall that Adenuga ended the year 2022 with a total wealth loss of $1.1 billion. The loss made his net worth fall from $6.7 billion to $5.6$. But recent data has revealed that the billionaire began 2023 with a good start.
The recent increase moved the net worth of the Nigerian billionaire businessman from $5.6 billion at the beginning of the year to a present total of $6.2 billion. It has also helped him offset part of the $1.1 billion loss Adenuga experienced in 2022.
Reason for Adenuga’s 2023 good start
Adenuga’s multimillion-dollar boost is closely linked to the market value of his privately held businesses. This includes his investments in the telecom company Globacom Limited and in the Nigerian oil industry through Conoil Producing and Conpetro Limited. Reports say the second richest Nigerian owns 74.4 per cent of Conoil Plc.
With his recent boost, Adenuga is ranked as the 409th affluent billionaire on Forbes’ global wealth list.
Adenuga and Conoil Plc
Conoil is known as a leading petroleum marketing company that manufactures and sells lubricants under the “Quarto” brand. It majorly supplies fuels like diesel, kerosene, low-pour fuel, aviation fuel and gasoline.
The leading petroleum marketing company recorded increased earnings as a result of its strong performance in recent times.
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