Mike Adenuga gains $22 million from Conoil 

Nigerian billionaire, Mike Adenuga, has seen the value of his Conoil stake rise by $22.82 million since the beginning of the year.

The surge in the market value of his stake in Conoil Plc is closely linked to renewed buying interest in the company shares. The company’s impressive financial performance sent its shares flying on the Nigerian Exchange.

The Nigeria business mogul owns a majority stake of 74.4 per cent in the oil marketing business. Conoil is one of the leading petroleum marketing firms that offer a range of products, including diesel, kerosene, low-pour fuel, aviation fuel, and gasoline. The company also produces and markets lubricants under the “Quatro” brand name.

Adenuga serves as its chairman and is also the founder of telecom service provider Globacom. He currently ranks as Nigeria’s third-richest man after being displaced by Abdul Samad Rabiu in October 2022. Adenuga also owns a mobile phone network, Globacom, the third largest operator in Nigeria, with 55 million subscribers.

Adenuga’s Conoil 2023 performance

2023 has so far been a great year for the company. This is because Conoil recorded a significant increase in its share price on the Nigerian Exchange. The share price rose by nearly 77 per cent from N26.5 ($0.0576) on January 1 to N46.85 ($0.1017) on March 2.

This remarkable 77 per cent year-to-date increase also took the value of Adenuga’s stake from $29.7 million at the start of the year to $52.53 million at the time of writing this report.

Thus far, Conoil performance can be attributed to sustained investor interest in the company’s shares following its impressive financial performance at the end of its 2022 fiscal year. Reports say investors have since continued to accumulate shares in Conoil. Conoil Producing operates 6 oil blocks in the Niger Delta.